SHENZHEN ZHAOWEI MACHINERY & ELECTRONICS CO.(003021) Soochow Securities·2025-05-05 05:23Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company achieved a revenue of 1.525 billion yuan in 2024, representing a year-on-year growth of 26.42%, and a net profit attributable to shareholders of 225.09 million yuan, up 25.11% year-on-year [2] - The company is actively expanding into the humanoid robot sector, having launched a pioneering dexterous hand product with 17 degrees of freedom [5] Financial Performance Summary - In 2024, the company reported total revenue of 1.525 billion yuan, with a year-on-year increase of 26.42%. The net profit attributable to shareholders was 225.09 million yuan, reflecting a 25.11% increase year-on-year. The net profit excluding non-recurring items was 184 million yuan, up 37.57% year-on-year [2] - The revenue breakdown shows that the micro drive system generated 966 million yuan (up 28.20%), precision injection parts contributed 467 million yuan (up 24.52%), and precision molds and others accounted for 91 million yuan (up 18.36%) [2] - The gross margin for 2024 was 31.43%, an increase of 2.38 percentage points year-on-year, driven by improved margins in the micro drive system and precision injection parts [3] - The company’s cash flow from operating activities was 124 million yuan in 2024, a decrease of 36.89% year-on-year, indicating some pressure on cash flow turnover [4] Strategic Initiatives Summary - The company has made significant strides in the humanoid robot market by introducing a dexterous hand product that integrates various advanced technologies, enhancing its competitive edge in complex grasping tasks [5]