SLAC(SZ:300382) ZHESHANG SECURITIES·2025-05-12 12:25Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - In Q1 2025, the company achieved revenue of 530 million yuan, a year-on-year increase of 55%, but the net profit attributable to shareholders decreased by 43% to 11.59 million yuan [1] - For the year 2024, the company reported revenue of 1.51 billion yuan, a year-on-year decrease of 8%, and a net loss of 140 million yuan, primarily due to cyclical fluctuations in traditional equipment business and challenges in the new energy battery shell business [1][2] - The battery shell business revenue in 2024 grew by 51% year-on-year, continuing a trend of over 50% growth for three consecutive years, with plans to expand production capacity in the U.S. [2] - The company is on the verge of mass production of humanoid robots, with significant demand expected in the manufacturing and domestic service sectors, potentially reaching 2.1 million units by 2030 [3] - The company forecasts revenues of 1.886 billion yuan in 2025, with a projected net profit of 127 million yuan, marking a turnaround from losses [5] Summary by Sections Financial Performance - Q1 2025 revenue was 530 million yuan, up 55% year-on-year; net profit was 11.59 million yuan, down 43% [1] - 2024 revenue was 1.51 billion yuan, down 8%; net loss was 140 million yuan [1] - Forecasted revenues for 2025, 2026, and 2027 are 1.886 billion, 2.343 billion, and 2.880 billion yuan respectively, with net profits expected to be 127 million, 162 million, and 209 million yuan [5] Business Segments - The battery shell business is expected to contribute significantly to revenue, with a 51% year-on-year growth in 2024 [2] - The company is developing a new production line for harmonic reducers, which are critical components for humanoid robots, indicating a new growth avenue [3] Market Outlook - The company anticipates a compound annual growth rate (CAGR) of 28% from 2025 to 2027, with corresponding price-to-earnings (P/E) ratios of 76, 59, and 46 [3][5]