WOLONG ELECTRIC(600580) 国元证券·2025-05-21 05:12Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 24.72 yuan per share [7][12]. Core Insights - The company achieved steady revenue growth, with 2024 revenue reaching 16.247 billion yuan, a year-on-year increase of 4.37%. The net profit attributable to shareholders was 793 million yuan, up 49.63% year-on-year [1][4]. - The company places a strong emphasis on R&D, with 805 million yuan spent in 2024, accounting for 3.95% of revenue. This investment has led to breakthroughs in key technologies across several strategic emerging fields [2]. - The company is actively expanding its presence in the embodied intelligence sector, developing key components for humanoid robots and forming strategic partnerships with leading robotics firms [3]. Financial Performance - In Q1 2025, the company reported revenue of 4.039 billion yuan, a year-on-year increase of 7.95%, and a net profit of 268 million yuan, up 20.45% year-on-year [1]. - The projected revenue for 2025-2027 is expected to be 17.449 billion yuan, 18.890 billion yuan, and 20.393 billion yuan, respectively, with net profits of 1.001 billion yuan, 1.130 billion yuan, and 1.156 billion yuan [4][6]. - The company's gross margin and net margin for 2024 were 24.05% and 5.12%, respectively, with a slight decrease in gross margin compared to the previous year [1][10]. Strategic Initiatives - The company has established a robust overseas management system and completed personnel configurations for its three major overseas headquarters, enhancing its global operational capabilities [2]. - Recent strategic investments in humanoid robotics firms indicate a commitment to advancing embodied intelligence technologies and flexible manufacturing solutions [3].