Investment Rating - The report maintains an "Accumulate-A" rating for the company [1] Core Views - The company has shown continuous improvement in operational efficiency, with steady progress in its humanoid robot and eVTOL new business segments [1] - The company achieved a revenue of 7.129 billion yuan in 2024, representing a year-on-year growth of 18.45%, and a net profit attributable to shareholders of 254 million yuan, a significant increase of 493.77% [4] - The company is expected to see revenues of 8.922 billion yuan, 10.968 billion yuan, and 13.329 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 381 million yuan, 522 million yuan, and 663 million yuan [10] Financial Performance - In 2024, the company reported a gross margin of 13.88%, an increase of 1.96 percentage points year-on-year, and a net margin of 3.56%, up by 2.85 percentage points [6] - The first quarter of 2025 saw a revenue of 1.793 billion yuan, a year-on-year increase of 24.24%, with a net profit of 72.861 million yuan, up 38.90% [4][6] - The company’s revenue from lithium battery structural components reached 4.240 billion yuan in 2024, a year-on-year increase of 29.84%, accounting for 59.48% of total revenue [5] Business Segments - The humanoid robot business is advancing rapidly, with the establishment of a subsidiary focused on precision components for humanoid robots, achieving small-scale supply to major clients [7] - The eVTOL segment is being developed with innovative adhesive processes for motor cores, establishing stable partnerships with leading manufacturers in the electric vehicle sector [9] Future Outlook - The company is expected to continue its growth trajectory with a focus on enhancing production efficiency and expanding its business platform in emerging sectors [10] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 3.06 yuan, 4.19 yuan, and 5.32 yuan respectively, indicating a strong growth potential [11]
震裕科技：经营效率持续提升，人形机器人与eVTOL新业务稳步推进-20250521