科达利（002850）：25Q4业绩表现亮眼，机器人业务未来可期

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a revenue of 15.213 billion yuan in 2025, representing a year-on-year growth of 26.46%. The net profit attributable to shareholders was 1.764 billion yuan, up 19.87% year-on-year [2][6] - In Q4 2025, the company reported a revenue of 4.610 billion yuan, with a quarter-on-quarter increase of 34.10% and a year-on-year increase of 16.45%. The net profit for the same quarter was 579 million yuan, reflecting a quarter-on-quarter growth of 27.27% and a year-on-year growth of 39.50% [2][6] - The company is focusing on the growth of its robotics business, particularly in core components, and has established joint ventures to expand its humanoid robot dexterous hand business [2] Summary by Sections Financial Performance - In 2025, the company achieved a revenue of 15.213 billion yuan, with a year-on-year growth of 26.46%. The net profit attributable to shareholders was 1.764 billion yuan, up 19.87% year-on-year [2][4] - The Q4 2025 results showed a revenue of 4.610 billion yuan, with a quarter-on-quarter increase of 34.10% and a year-on-year increase of 16.45%. The net profit for Q4 was 579 million yuan, with a quarter-on-quarter growth of 27.27% and a year-on-year growth of 39.50% [2][4] Business Development - The company’s battery structural components generated a revenue of 14.705 billion yuan in 2025, reflecting a year-on-year growth of 28.17%. The company has increased its R&D investment to 883 million yuan, a year-on-year increase of 38.04% [2] - The company holds 792 patents, with a year-on-year increase of 51.72%, focusing on safety, reliability, lightweight, high strength, and high capacity in battery structural components [2] - The robotics business is expanding with a focus on core components, including gear reducers and linear joints, and aims to enhance the application of robotics in various industries [2] Future Projections - The company is projected to achieve net profits of 2.395 billion yuan, 3.189 billion yuan, and 4.035 billion yuan for the years 2026, 2027, and 2028, respectively, with growth rates of 35.8%, 33.2%, and 26.5% [2][4] - The expected EPS for 2026, 2027, and 2028 is 8.69 yuan, 11.57 yuan, and 14.64 yuan, respectively [2][4]