LY iTECH(SZ:002600) Shenwan Hongyuan Securities·2025-06-19 06:14Investment Rating - The report maintains an "Outperform" rating for the company [6] Core Insights - The company is increasing its investment in heat dissipation capacity and humanoid robot research, with a projected annual output value of 1.294 billion yuan for the heat management project [6] - The company has launched a 2025 employee stock ownership plan to enhance talent incentives, targeting revenue or net profit growth of no less than 10%/20%/30% from 2024 to 2027 [6] - The report forecasts net profits of 2.777 billion yuan, 3.411 billion yuan, and 3.942 billion yuan for 2025, 2026, and 2027 respectively, with a PE ratio of 21 and 17 for 2025 and 2026 [6] Financial Data and Profit Forecast - Total revenue is projected to grow from 44,211 million yuan in 2024 to 63,951 million yuan in 2027, with a CAGR of approximately 11.3% [5] - The net profit for 2025 is estimated at 2,777 million yuan, reflecting a year-on-year growth of 58.4% [5] - The gross margin is expected to improve from 15.8% in 2024 to 19.0% in 2027 [5] Project Investment Adjustments - The investment in the carbon fiber and heat dissipation precision parts project has increased to 868 million yuan, with a projected annual output value of 1.294 billion yuan [6][8] - A new investment of 137 million yuan is allocated for the humanoid robot key components and complete machine upgrade project [6][8] - The total adjusted investment across various projects is now 3,323 million yuan, with 2,046 million yuan sourced from raised funds [8][9]