Investment Rating - The investment rating for the company is "Buy" [1]. Core Insights - The company plans to increase its stake in the joint venture Anxing Yulian from 38% to 47.5% and establish a new joint venture, Jiangsu Yuanqi Lian'an Robot Technology Co., Ltd., with a 40% ownership to focus on the research, manufacturing, and sales of embodied intelligent robots [2][4]. - The investment in Anxing Yulian is part of the company's strategic layout in the robotics industry, aligning with its overall development strategy and benefiting long-term growth [3]. - The company is at a critical stage of steady development in its traditional security business while making strategic breakthroughs in the new robotics business [5]. Financial Summary - The company expects revenues of 415 million, 668 million, and 922 million yuan for 2025, 2026, and 2027, respectively, with year-on-year changes of -40%, +61%, and +38% [5][7]. - The projected net profits for the same years are 34 million, 87 million, and 138 million yuan, with year-on-year changes of -53%, +158%, and +58% [5][7]. - Earnings per share (EPS) are forecasted to be 0.49, 1.25, and 1.98 yuan for 2025, 2026, and 2027, corresponding to price-to-earnings (PE) ratios of 144, 56, and 35 times based on the closing price of 69.9 yuan on November 25 [5][7].
安联锐视（301042）：事件点评：增资安兴宇联、合资成立远期联安，进一步实施机器人产业战略布局