Landai Technology(SZ:002765) ZHONGTAI SECURITIES·2025-10-24 11:19Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [4][18]. Core Insights - The company achieved a revenue of 1.75 billion yuan in the first half of 2025, representing a year-on-year growth of 8.3%, with a net profit attributable to shareholders of 110 million yuan, up 61.6% year-on-year [6][7]. - The growth in profit is attributed to the expansion of the power transmission business and the recovery of the touch control industry, which improved gross margins [7]. - The company is actively exploring the robot joint actuator market, which is expected to be a new growth point, having made a breakthrough in early 2025 [7]. - Revenue forecasts for 2025-2027 are projected at 4.43 billion, 5.39 billion, and 6.69 billion yuan, respectively, with net profits expected to be 230 million, 340 million, and 520 million yuan [8][14]. Financial Performance - The company reported a significant increase in net profit in Q2 2025, with a year-on-year growth of 79.1% and a quarter-on-quarter growth of 9.4% [6][7]. - The earnings per share (EPS) are projected to increase from 0.19 yuan in 2024 to 0.79 yuan in 2027 [4][8]. - The company’s net asset return rate is expected to improve from 5% in 2024 to 16% in 2027 [4]. Market Position and Comparisons - The company’s projected P/E ratios for 2025-2027 are 37.0, 25.2, and 16.5, respectively, compared to the average P/E of comparable companies at 42.7, 35.0, and 28.9 [11][14]. - The report highlights the company's strategic focus on the rapidly growing new energy vehicle market and the recovery of the touch control sector as key drivers for future growth [7][14].