FULIN. PM(300432) Soochow Securities·2025-04-29 07:02Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance meets market expectations, driven by dual engines of lithium iron phosphate and robotics [7] - In 2024, the company is expected to achieve a revenue of 8.47 billion yuan, a year-on-year increase of 47%, and a net profit attributable to shareholders of 0.4 billion yuan, a year-on-year increase of 173.1% [7] - The company anticipates a significant increase in lithium iron phosphate shipments, with a projected doubling in 2025 [7] - The automotive parts business is expected to maintain a 20% growth rate, contributing stable profit increments [7] - The robotics segment is positioned to capture key customers, leveraging existing mechanical processing and mechatronics capabilities [7] Financial Summary - Total revenue for 2023 is reported at 5.76 billion yuan, with projections of 8.47 billion yuan for 2024, 13.14 billion yuan for 2025, and 21.61 billion yuan for 2026 [1][9] - The net profit attributable to shareholders is expected to recover from a loss of 0.54 billion yuan in 2023 to a profit of 0.4 billion yuan in 2024, 0.96 billion yuan in 2025, and 1.54 billion yuan in 2026 [1][9] - The earnings per share (EPS) is projected to increase from -0.44 yuan in 2023 to 0.32 yuan in 2024, reaching 0.79 yuan in 2025 [1][9] - The company’s gross margin is expected to improve from 12.39% in 2024 to 15.46% in 2025 [9] Investment Recommendations - The net profit forecast for 2025 and 2026 has been adjusted to 0.96 billion yuan and 1.54 billion yuan respectively, with a new forecast for 2027 at 2.04 billion yuan [8] - The target price is set at 31.5 yuan, based on a 25x price-to-earnings ratio for 2026 [8]