Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The Q3 performance met expectations, with stable profitability in the structural components business. For the first three quarters of 2025, the company reported revenue of 10.603 billion yuan, a year-on-year increase of 23%, and a net profit attributable to shareholders of 1.185 billion yuan, up 17% year-on-year. The net profit margin was 11.1% [6] - The structural components business is expected to see a peak in shipments in Q4, driven by strong demand in the power and energy storage sectors. The company has updated its projects in the U.S. and Thailand, with the latter expected to have an annual output value of 480 million yuan upon reaching full capacity [6] - The company is focusing on lightweight products for humanoid robots, with ongoing development of new products to enhance its product matrix [6] - The profit forecast for 2025-2027 has been slightly adjusted downwards due to increased R&D expenses, with expected net profits of 1.722 billion yuan, 2.157 billion yuan, and 2.602 billion yuan respectively [6] Financial Data and Earnings Forecast - Total revenue for 2025 is projected at 14.734 billion yuan, with a year-on-year growth rate of 22.5%. The net profit attributable to shareholders is expected to be 1.722 billion yuan, reflecting a growth rate of 17.0% [5] - The earnings per share for 2025 is estimated at 6.29 yuan, with a projected PE ratio of 28 [5] - The gross profit margin for 2025 is expected to be 23.5%, with a return on equity (ROE) of 13.4% [5]

Group 1 - Allianz Fund recently conducted research on a listed company, Jiachitech, focusing on its layout in the structural components sector, particularly YS functional structural components, with clients including the Aviation Industry Corporation of China [1] - Jiachitech's civil product business is centered around the EMMS field, with plans for a new generation of electromagnetic dark rooms and electromagnetic measurement and control, having won multiple project bids and demonstrating testing service capabilities [1] - The company has established the largest YS functional coating material production base in China, with production capacity meeting current and future demands [1] Group 2 - Jiachitech emphasizes technology and customer focus, increasing R&D investment to ensure technological leadership and has undertaken multiple scientific research projects, receiving several major achievement awards [1] - Allianz Fund was established in 2023, with a total asset management scale of 685 million yuan, ranking 183rd out of 210 in public funds and 162nd out of 210 in non-monetary public funds [1] - The best-performing public fund product under Allianz Fund in the past year is Allianz Anyu Bond A, with a latest unit net value of 1.01, showing a growth of - in the past year [1]

Group 1 - The core viewpoint emphasizes the aggressive project attraction efforts in Yancheng National High-tech Zone during the summer, aiming to achieve significant progress in project construction and investment [1] - The high-tech zone focuses on three main industries: new generation information technology, high-end equipment, and new energy, while also targeting future industries such as third-generation semiconductors, advanced new materials, and artificial intelligence [2] - The zone is implementing a comprehensive recruitment strategy by establishing specialized parks and dedicated investment promotion offices to enhance project attraction and development [2] Group 2 - The Yancheng high-tech zone is accelerating project construction, with the source of the automotive electronics project reaching 80% completion and expected to be fully operational by mid-July [3] - Aiming to improve key performance indicators such as signing rates, commencement rates, completion rates, production rates, and efficiency, the zone has established a systematic project advancement mechanism [3] - Significant investments have been made in projects like Changying Precision's structural components and Yuhui Solar's first phase, injecting strong momentum into the park's development [3] Group 3 - The high-tech zone is enhancing enterprise development by providing precise services, addressing issues such as factory renovations, and facilitating communication between companies and relevant departments [4] - The zone encourages enterprises to invest in technological upgrades and capacity expansion, with a total planned investment of 2.5 billion in 18 identified companies [4] - The high-tech zone is committed to achieving its "double over half" goal, striving for high-quality development and significant industrial output growth [4]

Investment Rating - The report maintains a "Buy" rating for the company [5][8]. Core Views - The company is expected to achieve a revenue of 6.744 billion RMB in 2024, representing an 18.25% year-on-year increase, while the net profit attributable to the parent company is projected to be 359 million RMB, a decrease of 11.63% year-on-year due to intense competition in the structural components business [1][7]. - The energy storage business is expected to benefit from strong growth in downstream demand, with a projected revenue of 1.217 billion RMB in 2024, a significant increase of 123% year-on-year [3]. - The company is expanding into the humanoid robot sector, which is anticipated to provide substantial growth opportunities [4]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 1.866 billion RMB, with a quarter-on-quarter increase of 8.24% and a year-on-year increase of 3.84%. However, the net profit for the same period was 90 million RMB, reflecting a decrease of 30.21% year-on-year [2]. - The gross margin for Q4 2024 was 14.72%, showing a quarter-on-quarter increase, while the net margin was 4.76%, slightly down by 0.63 percentage points [2]. Business Segments - The energy storage segment is projected to grow significantly, with a major contract worth 300-400 million RMB expected to support revenue in 2025 [3]. - The new energy vehicle segment is forecasted to generate 3.813 billion RMB in revenue in 2024, a 4% increase year-on-year, although the gross margin is expected to decline by 6 percentage points due to increased competition [3]. Strategic Initiatives - The company is focusing on global expansion, with plans to invest in a subsidiary in Thailand and leverage its factory in Mexico to integrate into the North American automotive supply chain [4]. - Collaborations with research institutions for the development of key components for humanoid robots are underway, indicating a strategic move into a high-potential market [4]. Valuation - The report adjusts the net profit forecasts for 2025 and 2026 to 456 million RMB and 534 million RMB, respectively, while introducing a new forecast for 2027 at 700 million RMB. The target price is set at 62.44 RMB, based on a price-to-earnings ratio of 28 times for 2025 [5][9].

Core Viewpoint - The company reported a strong performance in 2024, with significant revenue and profit growth, indicating effective cost reduction and efficiency improvement strategies [3][4][5]. Financial Performance - In 2024, the company achieved an operating revenue of 12.03 billion, a year-on-year increase of 14.44%, and a net profit attributable to shareholders of 1.472 billion, up 22.55% [3]. - For Q4 2024, the operating revenue was 3.438 billion, reflecting a year-on-year growth of 25.32% and a quarter-on-quarter increase of 9.25%. The net profit for the same period was 455 million, up 12.15% year-on-year and 23.58% quarter-on-quarter [4]. Profitability Enhancement - The company's gross margin for 2024 was 24.36%, an increase of 0.78 percentage points from the previous year, while the net margin was 12.2%, up 0.62 percentage points [5]. - In Q4 2024, the gross margin reached 27.26%, a quarter-on-quarter increase of 3.85 percentage points and a year-on-year increase of 2.98 percentage points [5]. Business Expansion - The company is entering the robotics sector through a partnership with Taiwanese firms, establishing a new company focused on high-precision reducers, showcasing rapid technological iteration and strong R&D capabilities [6]. - The company has set up overseas production bases in Germany, Sweden, and Hungary, with ongoing developments in the US and Malaysia, aiming to enhance local production capabilities [7].