sntonly(BJ:834599) Hua Yuan Zheng Quan·2025-06-12 08:22Investment Rating - The investment rating for the company is upgraded to "Buy" due to the long-term growth potential opened by autonomous mining trucks, showcasing both growth and dividend attributes [5][7]. Core Views - The global market for autonomous mining trucks is expected to see significant growth, with an estimated total shipment of approximately 2,100 units in 2024, and a projected increase to about 8,700 units by 2026. The average price for autonomous mining trucks is expected to be around 2.5 million yuan per unit in China and over 5.0 million yuan internationally [6][5]. - The company has achieved significant milestones in the autonomous vehicle sector, delivering over 700 autonomous vehicles and capturing more than half of the domestic market share for controlled chassis. The company is focused on R&D and production of controlled chassis technology to enhance compatibility with autonomous systems [5][6]. - The company has a strong dividend policy, with a projected dividend yield of 5.49% in 2024, and has consistently provided substantial cash dividends to investors over the years [5][7]. Financial Summary - The company’s revenue is projected to grow from 6,145 million yuan in 2024 to 8,174 million yuan by 2027, with a compound annual growth rate (CAGR) of approximately 9.98% [8]. - The net profit attributable to the parent company is expected to increase from 887 million yuan in 2025 to 1,114 million yuan in 2027, reflecting a steady growth trajectory [8]. - The earnings per share (EPS) is forecasted to rise from 1.94 yuan in 2025 to 2.43 yuan in 2027, indicating a positive outlook for shareholder returns [8].