DFDR(SZ:300217) ZHESHANG SECURITIES·2025-06-11 12:23Investment Rating - The investment rating for the company is "Accumulate" [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 the same period, with growth rates of -17%, 20%, and 10% respectively, leading to a CAGR of 3% [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 2024 is estimated at 0.21 CNY, with a P/E ratio of 24.98 [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 a leadership position in niche markets [7] - The collaboration is expected to enhance the company's product offerings in the new energy vehicle sector, potentially increasing the average selling price (ASP) per vehicle [7] - The company is also focusing on the development of electronic skin technology for robotics, aiming to connect with leading robotics manufacturers [7]