GUILIN FUDA (SH:603166) Shenwan Hongyuan Securities·2025-05-29 07:15Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has announced an investment agreement with the Pinghu Economic and Technological Development Zone to establish production capacity for electric drive gears and robotic joint components, which is expected to catalyze future growth in its robotics segment [6] - The company is positioned to leverage the advantages of the Pinghu industrial cluster, enhancing its competitiveness in the automotive parts manufacturing sector [6] - The company anticipates significant growth in its traditional business areas, particularly in crankshafts and precision forgings, driven by the rising demand for PHEV vehicles [6] Financial Data and Profit Forecast - Total revenue is projected to grow from 1,648 million in 2024 to 3,806 million by 2027, with a compound annual growth rate (CAGR) of approximately 26.7% [5] - The net profit attributable to the parent company is expected to increase from 185 million in 2024 to 513 million by 2027, reflecting a CAGR of 32.8% [5] - The company’s earnings per share (EPS) is forecasted to rise from 0.10 in Q1 2025 to 0.79 by 2027 [5] Business Expansion and Strategy - The company is focusing on the strategic development of its robotics components business, aiming for mass production of planetary gear reducers and collaboration with Changban Technology [6] - The investment in Pinghu is seen as a significant step in expanding the company's capabilities in the robotics sector, with expectations for new client developments and production capacity enhancements [6] - The company plans to maintain a strong market position in the crankshaft segment, particularly with major clients like BYD, while also expanding its market share among other automotive manufacturers [6]