瑞银：科达利，买入

Investment Rating - The report assigns a "Buy" rating for the company with a 12-month target price of Rmb175.00, while the stock price as of June 12, 2025, was Rmb111.13 [4][20]. Core Insights - The company, Keda Li, is focusing on the humanoid robotics sector by collaborating with a humanoid robot industry chain company to establish a joint venture for dexterous hands, which is expected to inject new growth momentum into the company [2][3]. - The company's current product layout in humanoid robotics includes harmonic reducers, joint components, and dexterous hands, indicating a strategic move towards innovation in this emerging field [3]. Financial Summary - The projected revenue growth from Rmb8.65 billion in 2022 to Rmb27.12 billion by 2029, reflecting a compound annual growth rate (CAGR) of approximately 17.5% [6]. - The expected net profit is projected to increase from Rmb901 million in 2022 to Rmb3.47 billion by 2029, indicating strong profitability growth [6]. - The earnings per share (EPS) is forecasted to rise from Rmb3.84 in 2022 to Rmb12.79 by 2029, showcasing significant growth potential [6]. Valuation Metrics - The company is expected to have a price-to-earnings (P/E) ratio of 16.4x in 2025, decreasing to 8.7x by 2029, suggesting an attractive valuation as earnings grow [6]. - The projected return on invested capital (ROIC) is expected to improve from 18.9% in 2025 to 24.6% by 2029, indicating efficient capital utilization [6]. Market Outlook - The forecasted stock price increase of 57.5% and a dividend yield of 2.2% contribute to an overall expected return of 59.7%, significantly above the market return assumption of 6.7% [9].