GUILIN FUDA (SH:603166) Tianfeng Securities·2025-05-05 06:23Investment 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 [1][12]. - The shift towards hybrid vehicles is reshaping the crankshaft market, providing significant growth opportunities for third-party crankshaft manufacturers like the company [2][31]. - The company is developing its humanoid robot components business through self-research and investments, including a partnership with Changban Technology [3][44]. Summary by Sections Company Overview - The company, established in 1995 and listed in 2014, specializes in the R&D, production, and sales of crankshafts, precision forgings, new energy electric drive gears, clutches, spiral bevel gears, and high-strength bolts [12][15]. - It has expanded into the new energy gear business in 2022 and plans to enter the robot sector in 2024 [12][18]. Automotive Parts Business - The hybrid vehicle market is expected to drive significant growth in the crankshaft business, with the company aiming to capture a leading market share [2][32]. - The company has established strong relationships with major clients like BYD and Chery, securing over 50% of the crankshaft supply for BYD's hybrid models [32][34]. Robot Business Development - The company is actively developing its robot reducer business, having formed a dedicated technical team and achieved initial results in product development [3][44]. - An investment in Changban Technology aims to enhance its capabilities in producing robot components, leveraging both companies' strengths [3][47]. Financial Projections - Revenue is projected to grow significantly, with estimates of 25.4 billion CNY in 2025, 31.7 billion CNY in 2026, and 38.7 billion CNY in 2027, reflecting year-over-year growth rates of 54%, 25%, and 22% respectively [4][52]. - The net profit attributable to the parent company is expected to reach 3.0 billion CNY in 2025, with a growth rate of 62% [4][52].