伟创电气（688698）：2025年主业稳健向上，机器人业务取得重要进展

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 1.946 billion yuan for 2025, representing a year-on-year growth of 18.66%. The net profit attributable to shareholders was 268 million yuan, up 9.52% year-on-year [4][7] - The company's industrial automation business showed steady growth, with a significant increase in revenue in Q4 2025, achieving 483 million yuan, a year-on-year growth of 23.41% [7] - The company is actively developing new products and expanding overseas, which has contributed to revenue growth that exceeds industry averages [7] - The humanoid robot business has made significant progress, with a joint venture established in Thailand to enhance global competitiveness [7] - The profit forecast for 2025-2027 has been adjusted to 268 million, 320 million, and 379 million yuan respectively, with corresponding P/E ratios of 68, 57, and 48 [7] Financial Data and Earnings Forecast - Total revenue forecast for 2025 is 1.946 billion yuan, with a growth rate of 18.7% [6] - Net profit forecast for 2025 is 268 million yuan, with a growth rate of 9.5% [6] - Earnings per share for 2025 is projected at 1.25 yuan [6] - The gross margin for 2025 is expected to be 37.8% [6] - Return on equity (ROE) for 2025 is projected at 11.4% [6]