Kaierda(SH:688255) Shenwan Hongyuan Securities·2025-04-25 13:14Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a revenue of 557 million yuan for 2024, representing a year-over-year growth of 15.66%, and a net profit of 31 million yuan, up 25.61% year-over-year. The gross margin was 20.43%, an increase of 1.76 percentage points, while the net margin was 5.61%, up 0.44 percentage points [5][8] - In Q1 2025, the company achieved a revenue of 164 million yuan, a year-over-year increase of 2.77% and a quarter-over-quarter increase of 55.03%. However, the net profit for Q1 2025 was 5 million yuan, down 59.41% year-over-year but up 152.27% quarter-over-quarter [5][8] - The company sold 3,965 industrial robots in 2024, a 36.16% increase year-over-year, with self-produced robots accounting for 1,468 units, a growth of 39.94%. This growth is attributed to the increasing competitiveness of the company's products, particularly in high-end servo welding technology [8] - The company continues to launch new products such as collaborative welding robots and laser welding systems, which are expected to create new growth opportunities [8] Financial Data and Profit Forecast - The company forecasts total revenue of 651 million yuan for 2025, with a year-over-year growth rate of 16.9%. The net profit is expected to be 48 million yuan, reflecting a growth rate of 52.1% [7][10] - The projected earnings per share for 2025 is 0.43 yuan, with a gross margin of 22.2% and a return on equity (ROE) of 4.4% [7] - The report anticipates a decline in profit forecasts for 2025 and 2026 due to industry demand pressures, with net profits expected to be 48 million yuan in 2025 and 72 million yuan in 2026 [8]