卧龙电驱：业绩重回正轨，低空、机器人催化长期发展-20250518

Investment Rating - The report does not specify a clear investment rating for the company [1] Core Views - The company achieved a revenue of 16.247 billion yuan in 2024, representing a year-on-year growth of 4.4%, and a net profit attributable to shareholders of 0.793 billion yuan, which is a significant increase of 49.6% year-on-year [1] - In Q1 2025, the company reported a revenue of 4.039 billion yuan, up 7.9% year-on-year, and a net profit of 0.268 billion yuan, reflecting a year-on-year growth of 20.4% [1] - The company is positioned to benefit from the low-altitude economy and robotics sectors, leveraging its core competencies in electric motors and drives [8] Financial Performance Summary - For 2024, the company’s gross margin was 24.0% and net margin was 5.1%, with a slight decrease in gross margin compared to the previous year [8] - The company’s revenue projections for 2025-2027 are 17.253 billion yuan, 18.606 billion yuan, and 19.963 billion yuan, respectively, with growth rates of 6.19%, 7.84%, and 7.29% [2][10] - The net profit attributable to shareholders is expected to grow from 1.037 billion yuan in 2025 to 1.434 billion yuan in 2027, with growth rates of 30.79% and 16.68% [2][11] Business Segments Overview - The industrial motor and drive segment is projected to generate revenue of 9.519 billion yuan in 2025, with a growth rate of 5.00% [10] - The daily-use motor segment is expected to see revenue growth of 26.5% in 2024, stabilizing at 5.00% growth from 2025 onwards [10] - The electric transportation segment is forecasted to recover with a revenue increase of 16.4% in 2025 [10] International Expansion and Strategic Initiatives - The company has completed its international layout with three overseas headquarters, enhancing its global operational capabilities [8] - Collaborations with major players in the low-altitude economy and robotics sectors are underway, positioning the company for future growth [8]