VEICHI(SH:688698) Huafu Securities·2025-05-03 12:27Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5]. Core Views - The company achieved a revenue of 390 million yuan in Q1 2025, representing a year-on-year increase of 18.16%, and a net profit attributable to the parent company of 60 million yuan, up 5.60% year-on-year [3]. - The company is focusing on the growth of its digital energy segment, which saw a significant year-on-year increase of 1216%, with revenue reaching 10.01 million yuan in Q1 2025 [4]. - The company is expected to benefit from a cyclical recovery and internal cost reduction, with projected revenues of 2.11 billion yuan, 2.52 billion yuan, and 3.01 billion yuan for 2025, 2026, and 2027 respectively [5]. Financial Performance - In Q1 2025, the company reported revenue from variable frequency drives of 230 million yuan (up 18% year-on-year) and servo systems revenue of 130 million yuan (up 10% year-on-year) [4]. - The company’s overseas revenue reached 99 million yuan in Q1 2025, a 29% increase year-on-year, while domestic revenue was 280 million yuan, up 15% year-on-year [4]. - The company’s R&D investment in Q1 2025 was 50 million yuan, reflecting a year-on-year increase of 7.8% [4]. Earnings Forecast - The forecast for net profit attributable to the parent company for 2025, 2026, and 2027 is 330 million yuan, 390 million yuan, and 480 million yuan respectively [5]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.55 yuan, 1.86 yuan, and 2.25 yuan respectively [7]. - The company is expected to maintain a price-to-earnings (P/E) ratio of 33, 27, and 22 for the years 2025, 2026, and 2027 respectively [7].