HOP(SH:603319) NORTHEAST SECURITIES·2025-04-28 09:18Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 47.3 yuan based on a 45 times PE valuation for 2025 [4][7]. Core Insights - The company reported a revenue of 1.977 billion yuan for 2024, reflecting a year-on-year growth of 3.65%. However, the net profit attributable to the parent company decreased by 23.48% to 166 million yuan [1][5]. - The company is actively expanding into the robotics sector, showcasing its capabilities in developing and mass-producing intelligent joint modules and core components, which are essential for robotic applications [3][4]. - The company has established partnerships with leading domestic and international robotics manufacturers, focusing on the simultaneous development and production of joint modules tailored to customer specifications [3]. Financial Performance - In 2024, the company achieved a gross margin of 23.86%, a slight increase of 0.02 percentage points year-on-year, while the net profit margin decreased by 2.93 percentage points to 8.36% [2]. - Revenue from various business segments showed mixed results, with significant growth in the electric vehicle components segment (+17.37%) and a decline in diesel and gasoline engine oil pumps [2]. - The company expects to increase its net profit to 2.55 billion yuan in 2025, with projected growth rates of 53.93% and 23.74% for the following years [4][5].