DFDR(SZ:300217) ZHESHANG SECURITIES·2025-06-11 10:58Investment Rating - The report maintains an "Accumulate" rating for the company [4] Core Views - The company has entered into a strategic partnership with Shanghai Zhishi to enhance its flexible sensor capabilities for automotive and robotics applications [7] - Revenue projections for 2025-2027 are estimated at 3.9 billion, 4.4 billion, and 4.9 billion CNY, with year-on-year growth rates of 4%, 15%, and 10% respectively, resulting in a CAGR of 10% [2] - The net profit attributable to the parent company is forecasted to be 260 million, 320 million, and 350 million CNY for 2025-2027, with corresponding growth rates of -17%, 20%, and 10% [2] Financial Summary - The company's revenue for 2024 is projected at 3.71 billion CNY, with a decrease of 9.62% compared to the previous year [3] - The net profit for 2024 is expected to be 318 million CNY, reflecting a significant decline of 50.62% year-on-year [3] - The earnings per share (EPS) for 2025 is estimated at 0.18 CNY, with a P/E ratio of 30.06 [3] Strategic Developments - The partnership with Shanghai Zhishi aims to leverage both companies' strengths to expand the application of flexible fabric pressure sensors in the automotive sector, targeting leading automotive manufacturers [7] - The collaboration is expected to enhance the company's product offerings in the new energy vehicle market, potentially increasing the average selling price (ASP) per vehicle [7] - The company plans to focus on three main areas: robotics components, materials, and application scenarios, indicating a strong intent to expand into the robotics sector [7]