VEICHI(SH:688698) CSC SECURITIES (HK) LTD·2025-12-29 08:11Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its stock performance [6][7]. Core Insights - The company is set to establish a joint venture with Zhejiang Rongtai in Thailand, focusing on the smart robotics market, which is expected to leverage both parties' technological and resource advantages [7][8]. - The partnership aims to enhance collaboration in product technology and customer resources, particularly in the fields of servo systems and micro-screws, which are critical for humanoid robots [8]. - The company has slightly adjusted its profit forecasts for 2026 and 2027, expecting net profits of RMB 270 million and RMB 341 million respectively, reflecting year-on-year growth rates of 10% and 26% [8][10]. Financial Summary - The company's projected net profits for 2025, 2026, and 2027 are RMB 270 million, RMB 341 million, and RMB 403 million, with corresponding year-on-year growth rates of 10%, 26%, and 18% [10]. - Earnings per share (EPS) are expected to be RMB 1.26, RMB 1.59, and RMB 1.89 for the years 2025, 2026, and 2027, respectively [10]. - The price-to-earnings (P/E) ratios for the upcoming years are projected to be 71.69, 56.76, and 48.00, indicating a favorable valuation trend [10].