xinje(603416) Southwest Securities·2025-05-16 10:35Investment Rating - The report maintains a "Hold" rating for the company with a target price of —— yuan over the next six months [1][6]. Core Insights - The company achieved a revenue of 1.708 billion yuan in 2024, representing a year-on-year growth of 13.5%, and a net profit attributable to shareholders of 229 million yuan, up 14.8% year-on-year [1][6]. - In Q1 2025, the company reported a revenue of 390 million yuan, a year-on-year increase of 14.3%, but a quarter-on-quarter decrease of 22.0% [1][6]. - The gross profit margin is steadily increasing, with a focus on humanoid robot development [1][6]. Financial Performance Summary - For 2024, the company reported a gross margin of 37.7% and a net margin of 13.4%, with slight improvements in gross margin in Q1 2025 to 38.1% [6][8]. - The company’s servo system revenue reached 810 million yuan in 2024, growing by 10.6% year-on-year, with a gross margin of 24.5% [6][7]. - The PLC business generated 650 million yuan in revenue in 2024, up 21.1% year-on-year, maintaining a high gross margin of 56% [6][7]. Revenue and Profit Forecast - Revenue projections for 2025-2027 are 1.946 billion yuan, 2.225 billion yuan, and 2.512 billion yuan, respectively, with growth rates of 13.92%, 14.34%, and 12.91% [2][8]. - The net profit attributable to shareholders is expected to grow to 276 million yuan in 2025, 347 million yuan in 2026, and 436 million yuan in 2027, with growth rates of 20.61%, 25.83%, and 25.76% respectively [2][8]. Business Segment Analysis - The company is actively developing humanoid robots and plans to establish production lines for core components [6][7]. - The smart device segment, including machine vision and industrial robots, generated 40 million yuan in revenue in 2024, with a gross margin of 34.4% [6][7]. - The PLC market is expected to see increased domestic replacement rates, with the company aiming to capture a larger market share from foreign competitors [6][7].