RTGF(605133) Huaxin Securities·2025-04-30 06:03Investment Rating - The report maintains a "Buy" investment rating for the company [7] Core Views - The company's performance in 2024 met expectations, with total revenue of 2.35 billion yuan, a year-on-year increase of 16.4%, and a net profit attributable to shareholders of 160 million yuan, up 11.9% year-on-year [2][6] - In Q1 2025, the company reported revenue of 660 million yuan, a year-on-year increase of 29.7%, and a net profit attributable to shareholders of 48.23 million yuan, up 13.8% year-on-year [3][6] - The company is focusing on the human-shaped robot sector, establishing a joint venture to develop key components for humanoid robots [6] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 2.35 billion yuan, with a year-on-year growth of 16.4% and a net profit of 160 million yuan, reflecting an 11.9% increase [2] - For Q1 2025, revenue reached 660 million yuan, marking a 29.7% year-on-year increase, while net profit was 48.23 million yuan, up 13.8% [3] - The gross margin for Q1 2025 was 21.6%, an increase of 0.4 percentage points year-on-year [3] Product Segmentation - The company's automotive parts segment drove revenue growth, with 2024 revenues of 1.91 billion yuan from automotive parts, 200 million yuan from automotive molds, and 160 million yuan from general equipment, reflecting year-on-year growth rates of 10.7%, 182.7%, and 6.8% respectively [2] - The gross margins for these segments were 20.8%, 47.7%, and 40.4%, with changes of +1.9, -22.2, and -2.0 percentage points year-on-year [2] Strategic Initiatives - The company is deepening its global footprint, particularly in North America and Europe, and has secured multiple new projects [2][6] - A significant focus is on the development of humanoid robots, with plans to establish a joint venture for the production of planetary roller screws and ball screws [6] Future Projections - Revenue forecasts for 2025, 2026, and 2027 are 3.12 billion yuan, 3.99 billion yuan, and 4.94 billion yuan respectively, with corresponding net profits of 256 million yuan, 316 million yuan, and 390 million yuan [7][9] - The projected growth rates for revenue are 32.7%, 27.9%, and 23.9% for the respective years [9]