ANHUI ZHONGDING(000887) 民生证券·2025-04-29 05:51Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [4][6]. Core Views - The company achieved a revenue of 18.854 billion yuan in 2024, representing a year-on-year growth of 9.33%. The net profit attributable to shareholders was 1.252 billion yuan, up 10.63% year-on-year [1][4]. - In Q1 2025, the company reported a revenue of 4.854 billion yuan, a year-on-year increase of 3.45%, and a net profit of 403 million yuan, reflecting a year-on-year growth of 11.52% [1][2]. - The company is actively expanding its presence in the electric vehicle sector, focusing on intelligent chassis systems and has secured significant orders in thermal management and lightweight chassis [3][4]. Summary by Sections Financial Performance - In 2024, the company’s revenue was 18.854 billion yuan, with a net profit of 1.252 billion yuan. The projected revenues for 2025, 2026, and 2027 are 21.682 billion yuan, 24.392 billion yuan, and 27.685 billion yuan, respectively, with corresponding net profits of 1.650 billion yuan, 1.886 billion yuan, and 2.172 billion yuan [5][8]. - The gross profit margin for 2024 was 22.82%, expected to slightly increase to 23.05% in 2025 [9]. Business Development - The company has signed multiple strategic cooperation agreements to expand its robotics product line, focusing on humanoid robots as a core strategic business [3][4]. - The order scale for thermal management systems, lightweight components, and air suspension reached 11.7 billion yuan, 14.2 billion yuan, and 15.2 billion yuan, respectively, indicating a robust growth trajectory [3]. Future Outlook - The company is projected to achieve revenues of 21.682 billion yuan in 2025, with a net profit of 1.650 billion yuan, leading to an EPS of 1.25 yuan. The PE ratios for the next three years are expected to be 13, 12, and 10, respectively [4][5].