Lucky Harvest(002965)2025-04-25 12:20Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company is expected to achieve a revenue of 6.744 billion RMB in 2024, representing an 18.25% year-on-year increase, while the net profit attributable to the parent company is projected to be 359 million RMB, a decrease of 11.63% year-on-year [1][5] - The energy storage business is benefiting from rapid growth in downstream demand, with a revenue increase of 123% year-on-year to 1.217 billion RMB in 2024, supported by major client contracts [3] - The company is expanding into the humanoid robot sector, which is anticipated to provide significant growth opportunities [4] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 1.866 billion RMB, with a quarter-on-quarter increase of 8.24% [2] - The gross profit margin for Q4 2024 was 14.72%, reflecting an improvement due to increased operational efficiency [2] - The company expects net profits of 456 million RMB and 534 million RMB for 2025 and 2026, respectively, with a new forecast for 2027 at 700 million RMB [5] Business Segments - The energy storage segment is projected to continue its strong growth trajectory, with a significant contract win expected to support revenue in 2025 [3] - The new energy vehicle segment saw a revenue increase of 4% year-on-year to 3.813 billion RMB in 2024, although the gross margin decreased by 6.0 percentage points due to intensified competition [3] Strategic Initiatives - The company is actively pursuing international expansion, including investments in Mexico and Thailand to enhance its presence in the North American and Southeast Asian markets [4] - Collaborations with research institutions for humanoid robot components are expected to drive innovation and market entry in this emerging field [4]