FULIN. PM(300432) Changjiang Securities·2025-05-22 08:18Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company is expected to achieve revenue of 8.47 billion yuan in 2024, representing a year-on-year growth of 47.0%, with a net profit attributable to shareholders of 397 million yuan, up 173.1% [2][4] - In Q1 2025, the company reported revenue of 2.697 billion yuan, a year-on-year increase of 80.3%, and a net profit attributable to shareholders of 124 million yuan, reflecting a growth of 211.9% [2][4] - The lithium iron phosphate (LiFePO4) business is projected to see significant growth, with shipments expected to reach 126,200 tons in 2024, a year-on-year increase of 178.79% [9] - The automotive parts business is also expected to grow, with revenue projected at 3.64 billion yuan in 2024, a year-on-year increase of 23.3% [9] Summary by Sections Financial Performance - The company is forecasted to achieve total revenue of 13.13 billion yuan in 2025, with a net profit of 1.017 billion yuan [14] - The gross profit margin for the automotive parts business is expected to be 23.7% in 2024, down 2.8 percentage points year-on-year [9] - The company anticipates a net profit of 1 billion yuan in 2025, corresponding to a price-to-earnings ratio of approximately 23 times [9] Business Segments - The LiFePO4 segment is expected to maintain high operating rates due to strong demand from major clients, with profitability expected to improve in 2025 [9] - The automotive parts segment is projected to continue rapid growth, particularly in the new energy vehicle sector, with significant increases in production capacity [9] - The robotics business is focusing on joint modules, with expectations for increased production capacity and profitability as domestic demand grows [9]