Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [4]. Core Views - The company achieved a revenue of 756 million yuan in 2024, representing a year-on-year increase of 27.86%, and a net profit attributable to shareholders of 142 million yuan, up 37.25% year-on-year. This growth is attributed to the company's precision injection molding parts for electric vehicles entering mass production for several well-known domestic and international brands [1]. - In Q1 2025, the company reported a revenue of 190 million yuan, a year-on-year increase of 20.20%, and a net profit of 36 million yuan, up 2.84% year-on-year [1]. - The gross profit margin for 2024 was 33.84%, an increase of 2.15 percentage points year-on-year, attributed to lean management and strict cost control [2]. - The company’s precision injection molding business for automotive parts generated 585 million yuan in revenue in 2024, accounting for 77.41% of total revenue, with a year-on-year growth of 40.55% [2]. - The company is actively developing precision components for humanoid robots, leveraging its experience in engineering plastics and precision manufacturing to meet high-performance requirements [3]. Financial Summary - The company forecasts net profits of 187 million yuan, 233 million yuan, and 285 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.77 yuan, 0.96 yuan, and 1.18 yuan [3]. - The projected P/E ratios for 2025, 2026, and 2027 are 72.08, 57.76, and 47.20 respectively [3]. - The company’s revenue is expected to grow at rates of 28.33%, 24.76%, and 22.47% for the years 2025, 2026, and 2027 respectively [8].
肇民科技（301000）：汽车精密注塑件高速增长，发力机器人零部件产品