OLYMPIC(SH:603920) GOLDEN SUN SECURITIES·2025-08-29 08:08Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 2.579 billion yuan in the first half of 2025, representing a year-on-year growth of 7.64%, and a net profit attributable to shareholders of 384 million yuan, with a year-on-year growth of 26.89% [1] - The growth in revenue is attributed to increased business volume and product structure optimization, with a focus on high-value-added products [1][2] - The company is actively expanding into domestic and international markets, particularly in emerging industries such as AI applications, low-altitude flying vehicles, and humanoid robots [2] - The company has established three key development sectors: new energy vehicles, low-altitude flying vehicles/unmanned aerial vehicles, and humanoid robots/AI applications [2] Financial Performance Summary - The company is projected to achieve revenues of 6.254 billion yuan, 7.797 billion yuan, and 9.749 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 24.5%, 24.7%, and 25.0% [3][4] - The net profit attributable to shareholders is expected to be 1.104 billion yuan, 1.586 billion yuan, and 2.255 billion yuan for the years 2025, 2026, and 2027, with year-on-year growth rates of 63.6%, 43.6%, and 42.2% [3][4] - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 24.2x, 16.8x, and 11.8x, respectively [3][4]