Workflow
三花智控(002050):公司点评报告:第三曲线业务可期,积极实施回购彰显信心

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a revenue of 7.669 billion yuan in Q1 2025, representing a year-on-year increase of 19.10% and a quarter-on-quarter increase of 3.86%. The net profit attributable to the parent company was 903 million yuan, up 39.47% year-on-year and 13.32% quarter-on-quarter [1] - The company is actively collaborating with downstream clients to develop bionic robot electromechanical actuators, with expectations for a "third curve" of growth starting in 2025 [2] - The company has initiated a share buyback program, demonstrating confidence in its future development and aiming to stabilize stock prices and enhance investor confidence [3] Financial Performance and Forecast - The company is projected to achieve revenues of 32.357 billion yuan, 37.154 billion yuan, and 42.685 billion yuan for the years 2025, 2026, and 2027, respectively. The net profits attributable to the parent company are expected to be 3.600 billion yuan, 4.092 billion yuan, and 4.768 billion yuan for the same years [4][6] - The basic earnings per share are forecasted to be 0.96 yuan, 1.10 yuan, and 1.28 yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 27.00, 23.75, and 20.38 [4][6]