Workflow
绿的谐波:25Q1业绩修复,关注公司产品和高端场景拓展-20250515

Investment Rating - The report assigns an "Accumulate-A" rating for the company, indicating a positive outlook for its stock performance in the near term [1][9]. Core Views - The company is experiencing a recovery in performance, with a focus on product expansion and high-end application scenarios. The industrial robot sector is showing signs of demand recovery, which is beneficial for the company's growth [1][4]. - The company has a leading position in the domestic harmonic reducer market and is expected to benefit from the expansion of high-end applications [9]. Financial Performance Summary - In 2024, the company achieved revenue of 387 million yuan, a year-on-year increase of 8.77%. However, the net profit attributable to shareholders decreased by 33.26% to 56 million yuan [2][4]. - For Q1 2025, the company reported revenue of 98 million yuan, a year-on-year increase of 19.65%, and a net profit of 20 million yuan, marking a turnaround from losses in the previous quarter [2][4]. - The gross margin and net margin for 2024 were 37.54% and 14.41%, respectively, both showing a decline compared to the previous year [4]. Product and Market Development - The company is continuously optimizing its harmonic reducers and expanding into high-end application markets, including semiconductor equipment and humanoid robots [5][6]. - The company is also enhancing its planetary roller screw technology to provide comprehensive precision transmission solutions, with a focus on high precision and long lifespan [5][6]. Capacity and Global Expansion - The company is progressing steadily with its capacity expansion projects, aiming for an annual production of 500,000 precision reducers, and is actively establishing sales teams in key international markets [6][8]. - The acquisition of a German company has facilitated local production of precision transmission components in Europe, enhancing the company's global footprint [8][9]. Earnings Forecast - The company is projected to achieve earnings per share (EPS) of 0.54, 0.67, and 0.83 for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 271.4, 217.5, and 175.4 [9][11].