Lucky Harvest(SZ:002965) Guoxin Securities·2025-06-18 09:03Investment Rating - The report initiates coverage with an "Outperform" rating for the company [3][5]. Core Views - The company is a leader in the precision stamping mold and metal structural components sector, with a revenue structure heavily focused on new energy vehicles, which account for 57% of its income. The company is also expanding into emerging fields such as humanoid robots and low-altitude economy [1][7]. - The company is actively pursuing global expansion, with overseas revenue projected to reach 630 million yuan in 2024, reflecting a 13% year-on-year increase. The establishment of factories in Mexico and Thailand is expected to enhance its global footprint [2][42]. - The humanoid robot manufacturing sector is identified as a key growth area, with the company leveraging its engineering capabilities and strategic partnerships to build a comprehensive supply chain [2][46]. Summary by Sections Company Overview - Founded in 2004, the company has evolved from manufacturing components for printers to becoming a leading player in the automotive stamping mold and metal structural components industry. It has been listed since 2019 and has made significant investments in new energy vehicles and storage components [1][7]. Financial Performance - The company is projected to achieve a revenue of 6.7 billion yuan in 2024, representing an 18.3% increase year-on-year, while the net profit is expected to decline by 11.6% to 360 million yuan due to rising raw material costs and increased competition [1][25]. - The company has maintained a stable growth trajectory, with revenues increasing from 730 million yuan in 2014 to 6.7 billion yuan in 2024, reflecting a compound annual growth rate of 26.4% [25]. Product and Market Strategy - The company emphasizes research and development, allocating 4% of its revenue to R&D in 2024, and has developed over 600 patents. It aims to enhance its product offerings in the fields of new energy vehicles, storage, and humanoid robots [34][36]. - The revenue from new energy vehicles is expected to grow steadily, with projections of 4.4 billion yuan in 2025, 5 billion yuan in 2026, and 5.7 billion yuan in 2027, driven by increasing demand and technological advancements [61]. Global Expansion - The company is expanding its production capacity in Mexico and Thailand, with the Mexican factory expected to contribute significantly to profitability in the coming years. Plans for additional factories in Europe or North Africa are also underway [2][49]. - The overseas business is becoming increasingly profitable, with a gross margin of 30.3% in 2024, up 6.5 percentage points year-on-year [2][42]. Humanoid Robot Development - The company is focusing on humanoid robots as a strategic growth area, collaborating with research institutions to develop key components and solutions for this emerging market [2][46][51].