Qingdao Gaoce(688556) Soochow Securities·2025-05-20 15:39Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's performance is expected to face short-term pressure in 2024 due to declining prices across the photovoltaic industry chain and increased impairment provisions, leading to a projected revenue of 4.474 billion yuan, a year-on-year decrease of 27.65% [2] - The company is strategically entering the humanoid robot sector by developing core equipment for screw grinding and flexible tendon ropes, which are essential for the commercialization of humanoid robots [3][4] - Despite short-term challenges, the company's proactive investments in the planetary roller screw grinding and flexible tendon rope sectors are anticipated to yield positive results as humanoid robot production ramps up [5] Summary by Sections Financial Forecasts and Valuation - The company is projected to generate total revenue of 4.474 billion yuan in 2024, with a significant decline in net profit to -44 million yuan, reflecting a year-on-year drop of 103.03% [2] - The earnings per share (EPS) is expected to be -0.08 yuan in 2024, with a gradual recovery to 0.44 yuan by 2027 [5] - The price-to-earnings (P/E) ratio is forecasted to be 109 for 2025, 45 for 2026, and 24 for 2027, indicating a potential recovery in profitability [5] Business Development - The company is leveraging its expertise in tungsten wire to innovate in the field of flexible tendon ropes for humanoid robots, which are crucial for their dexterity and interaction with the real world [4] - The development of screw grinding technology is positioned to meet the growing demand for planetary roller screws as humanoid robots enter mass production [3]