RAYHOO MOTOR DIES(SZ:002997) Guoxin Securities·2025-05-05 00:55Investment Rating - The investment rating for the company is "Outperform the Market" [5][29]. Core Viewpoints - The company achieved a revenue of 747 million yuan in Q1 2025, representing a year-on-year growth of 48%, and a net profit attributable to shareholders of 97 million yuan, up 28% year-on-year. This growth outpaced the industry by 33.5 percentage points, driven by increased customer sales and new business volume [1][8]. - The gross profit margin improved by 1.3 percentage points to 25.00% in Q1 2025, while the net profit margin decreased by 2.03 percentage points to 12.99%. The company is expected to continue benefiting from scale effects in its equipment and components business [2][11]. - The company is establishing an independent robotics subsidiary to accelerate its entry into the robotics industry, with plans to produce 3,000 intelligent robots annually [2][23]. - The lightweight components segment is experiencing significant growth, with projected revenue of 730 million yuan in 2024, a 154% increase year-on-year. This growth is supported by the mass production of new energy vehicle models [3][24]. Financial Projections - The company forecasts revenues of 2,424 million yuan in 2024, 3,570 million yuan in 2025, and 4,687 million yuan in 2026, with respective growth rates of 29.2%, 47.3%, and 31.3% [4][27]. - The net profit is projected to reach 350 million yuan in 2024, 450 million yuan in 2025, and 571 million yuan in 2026, with growth rates of 73.2%, 28.5%, and 26.7% respectively [4][27]. - The earnings per share (EPS) are expected to be 1.67 yuan in 2024, 2.15 yuan in 2025, and 2.73 yuan in 2026 [4][27]. Business Expansion - The company is actively expanding its equipment business by deepening cooperation with leading domestic brands and exploring international markets, particularly in countries along the Belt and Road Initiative [2][19]. - The autonomous brand's overseas expansion is anticipated to accelerate the growth of the company's equipment business, benefiting from local production and increased model launches abroad [2][19].