VEICHI(SH:688698) Soochow Securities·2025-04-29 10:35Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in Q1 2025 met market expectations, with revenue of 387 million yuan, a year-on-year increase of 18.16%, and a net profit of 57 million yuan, up 5.60% year-on-year [8] - The company is strategically expanding its "robotics + digital energy" business, with significant growth in various segments, particularly in digital energy, which saw a revenue increase of 1216% year-on-year [8] - The report anticipates continued robust growth in both domestic and international markets, with expected revenue growth rates of over 20% for 2025 [8] Financial Performance Summary - Total revenue projections for the company are as follows: - 2023: 1,305 million yuan - 2024: 1,640 million yuan (up 25.70% year-on-year) - 2025: 1,993 million yuan (up 21.48% year-on-year) - 2026: 2,403 million yuan (up 20.62% year-on-year) - 2027: 2,897 million yuan (up 20.56% year-on-year) [1][9] - Net profit projections are as follows: - 2023: 190.80 million yuan - 2024: 245.03 million yuan (up 28.42% year-on-year) - 2025: 306.21 million yuan (up 24.97% year-on-year) - 2026: 379.12 million yuan (up 23.81% year-on-year) - 2027: 459.08 million yuan (up 21.09% year-on-year) [1][9] - The company's earnings per share (EPS) are projected to be: - 2023: 0.90 yuan - 2024: 1.16 yuan - 2025: 1.45 yuan - 2026: 1.79 yuan - 2027: 2.17 yuan [1][9] Market Data Summary - The closing price of the company's stock is 48.18 yuan, with a market capitalization of approximately 10,184.06 million yuan [5] - The company has a price-to-earnings (P/E) ratio of 53.38 for 2023, which is expected to decrease to 22.18 by 2027 [1][9] - The company's net asset value per share is projected to increase from 10.20 yuan in 2023 to 15.35 yuan in 2027 [6][9]