GUILIN FUDA (SH:603166) Tianfeng Securities·2025-05-04 11:38Investment Rating - The report assigns a "Buy" rating for the company with a target price of 17.64 CNY, based on a 38X PE for 2025 [4][56]. Core Insights - The company is positioned as a leading domestic automotive crankshaft manufacturer, actively expanding into the new energy and humanoid robot sectors [12][2]. - The shift towards hybrid vehicles is reshaping the crankshaft market, creating significant growth opportunities for third-party crankshaft manufacturers like the company [2][31]. - The company has established a dedicated robotics division and is investing in humanoid robot components, leveraging its existing manufacturing capabilities [3][44]. Summary by Sections Company Overview - The company, founded in 1995 and listed in 2014, specializes in the research, production, and sales of automotive crankshafts, precision forgings, new energy electric drive gears, clutches, spiral bevel gears, and high-strength bolts [12][1]. - In 2022, the company expanded into the new energy gear sector and established a new energy electric drive technology company, which commenced production in 2023 [12][1]. Automotive Parts Business - The hybrid vehicle market is expected to significantly increase demand for crankshafts, as traditional automakers are reducing investments in engines, leading to a shift towards outsourcing [2][31]. - The company has established strong partnerships with leading automotive manufacturers, securing over 50% of the crankshaft supply for BYD's hybrid models [32][33]. Robotics Business - The company is developing its own humanoid robot components, including planetary gear reducers, and has formed a joint venture with Changban Technology to enhance its capabilities in this area [3][47]. - The investment in Changban Technology aims to leverage its precision screw and reducer technology, which is critical for humanoid robot joints [48][47]. Financial Projections - Revenue is projected to grow significantly, with estimates of 25.4 billion CNY in 2025, representing a year-over-year increase of 54% [4][52]. - The company anticipates achieving a net profit of 3.0 billion CNY in 2025, with a growth rate of 62% [4][52]. Valuation - The report compares the company to peers such as Shuanghuan Transmission and Haoneng Co., with an average valuation of 38X for 2025 [56][57].