EWPT(SZ:300115) GUOTAI HAITONG SECURITIES·2025-05-29 02:49Investment Rating - The report initiates coverage with a rating of "Buy" and sets a target price of 24.70 CNY [2][11]. Core Insights - The company's performance is driven by the integration of Apple intelligence and the penetration of titanium alloy in the consumer electronics sector, while the new energy business is entering a capacity release phase, and the robotics business is expected to grow significantly [3][11]. - The company is well-positioned in the precision electronic components market, with a diverse product matrix covering consumer electronics, new energy, and robotics [20]. Financial Summary - The company is projected to achieve revenues of 19.12 billion CNY in 2025, with a growth rate of 12.9% compared to the previous year, and net profit is expected to reach 888 million CNY, reflecting a 15% increase [10][17]. - The earnings per share (EPS) for 2025 is estimated at 0.65 CNY, with projections of 0.81 CNY and 0.93 CNY for 2026 and 2027, respectively [10][17]. Business Segments Consumer Electronics - The company provides precision structural components and connectors primarily for major clients like Apple and Samsung, with expected revenue growth driven by the upcoming Macbook replacement cycle and increasing demand for titanium alloy components in high-end Android devices [15][29]. - Revenue from consumer electronics is projected to be 115.08 billion CNY in 2025, with a slight decrease in gross margin due to competitive pressures [15][16]. New Energy - The new energy segment is expected to see revenue growth to 67.78 billion CNY by 2025, supported by the company's partnerships with major clients like Tesla and CATL [16][41]. - The gross margin for the new energy segment is anticipated to remain stable at around 16% [16]. Robotics - The robotics segment is projected to grow rapidly, with revenues expected to reach 1.74 billion CNY in 2025, driven by partnerships with leading firms and the introduction of humanoid robots [16][41]. - The gross margin for robotics is expected to stabilize around 22% [16]. Valuation - The report utilizes a comparative analysis with companies like GoerTek and Lens Technology, applying both PE and PB valuation methods to arrive at a target price of 24.70 CNY, reflecting a cautious approach [19][21].