JingPinTeZhuang(SH:688084) China Post Securities·2025-05-14 05:45Investment 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 Views - 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 and a 5.46 percentage point drop in gross margin to 31.34%, the company is focusing on developing intelligent combat robots to meet the urgent demand for automation in warfare [4][5]. - 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, indicating improved financial health. 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]. - The projected net profits for 2025-2027 are estimated at 62.2 million, 106.4 million, and 171 million yuan, representing year-on-year growth rates of 209%, 71%, and 60%, respectively. The corresponding price-to-earnings ratios are expected to be 90, 53, and 33 times [5][9].