JingPinTeZhuang(SH:688084) China Post Securities·2025-05-14 04:49Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% within the next six months [13]. Core Insights - The company reported a revenue of 164 million yuan for 2024, a decrease of 27% year-on-year, and a net profit attributable to shareholders of -57 million yuan, a decrease of 287% year-on-year. The decline in defense and military sales revenue by 45% to 100 million yuan significantly impacted overall performance, while civil sales revenue increased by 71% to 62 million yuan, indicating initial success in the civil sector [4][5]. - The integration of artificial intelligence in military robotics presents a promising outlook for the company. Despite a 52% decrease in revenue from military robot products to 40 million yuan, the company is focusing on developing intelligent combat robots to meet the urgent demand for automation in warfare [4]. - The company achieved a significant revenue increase of 213% year-on-year in Q1 2025, amounting to 26.41 million yuan, with a reduced net loss of 3.58 million yuan. The backlog of orders and sufficient cash flow are expected to support performance throughout the year [5]. - A strategic cooperation agreement signed with Poly Technology in June 2024 aims to enhance the company's foreign trade market presence in intelligent equipment [5]. - Forecasts for net profit attributable to shareholders for 2025-2027 are 62 million, 106 million, and 171 million yuan, representing year-on-year growth rates of 209%, 71%, and 60%, respectively. The corresponding price-to-earnings ratios are projected to be 90, 53, and 33 times [5][9]. Financial Summary - For 2024, the company is projected to have a revenue of 164 million yuan, with a growth rate of -27.39%. The EBITDA is expected to be -84.05 million yuan, and the net profit attributable to shareholders is forecasted at -57.19 million yuan, with a growth rate of -286.87% [9][12]. - The company’s financial ratios indicate a debt-to-asset ratio of 12.1% for 2024, which is expected to rise to 26.9% by 2027, reflecting a gradual increase in leverage [12].