Investment Rating - The report maintains an "Accumulate" rating for the company [1][4][6] Core Views - The company has shown steady growth in revenue and net profit for 2024, with revenue reaching RMB 1.52 billion, a year-on-year increase of 26.4%, and net profit of RMB 225 million, up 25.1% [4][9] - The launch of the innovative dexterous hand product with 17 degrees of freedom is expected to be a significant growth driver for the company [4][9] - The company is actively building a "1+1+1" vertical collaborative innovation system and a "dual-wheel drive" development model to enhance R&D and market synergy [4][9] Financial Summary - The company is projected to achieve net profits of RMB 262 million, RMB 329 million, and RMB 406 million for the years 2025, 2026, and 2027 respectively, with corresponding earnings per share of RMB 1.09, RMB 1.37, and RMB 1.69 [6][8] - The revenue forecast for 2025 is RMB 1.85 billion, reflecting a growth rate of 21.5% [8][9] - The EBITDA for 2025 is estimated at RMB 312 million, with a projected EBITDA margin improvement [8][9] Business Development - The company is focusing on the automotive sector, collaborating with major clients like Bosch and BYD to provide advanced automotive components [9] - In the consumer and medical technology sectors, the company is offering competitive solutions in AR&VR, smart home devices, and medical equipment [9] - The company aims to accelerate the commercialization of its next-generation dexterous hand modules and optimize hardware materials and design [9]
兆威机电（003021）：2024年营收、归母净利润稳健增长，汽车电子与灵巧手是未来主要增长点