Investment Rating - The investment rating for the company is "Buy" (initial coverage) [2] Core Views - The company is a local automotive parts manufacturer in Chongqing, primarily engaged in power transmission and touch display businesses. The power transmission segment has become the main contributor to the company's performance, accounting for 54% of revenue in the first half of 2025. After experiencing losses in 2023 due to goodwill impairment, the company is expected to return to profitability in 2024 and 2025, with net profits of 124 million and 109 million yuan respectively [8][12]. - The company's new energy business is rapidly expanding, with significant increases in sales and revenue share. The new energy products include integrated assemblies, new energy gear shafts, motor shafts, and differential gears. The sales proportion of new energy products in the power transmission segment is projected to rise from 5% in 2022 to 18% in 2024, with revenue share increasing from 5% to 15% [8][46]. - The Chongqing government is actively supporting the robotics industry, and the company has invested in Qianzhibo to enter this sector. The company has successfully launched an integrated joint module in the first half of 2025, which is expected to become a new growth point for the company [8][49][52]. - The company is projected to achieve total revenues of 4.23 billion, 5.01 billion, and 5.69 billion yuan from 2025 to 2027, with corresponding net profits of 240 million, 300 million, and 390 million yuan. The expected PE ratios for these years are 42.9, 34.2, and 26.4 respectively [8][58]. Summary by Sections Company Overview - The company, originally established as Landa Industrial in 1996, has evolved through various business expansions and rebranding to become Landa Technology. It has shifted focus from motorcycle parts to power transmission and touch display businesses, with a significant investment in the automotive sector [8][12]. Business Segments - The main business segments include power transmission and touch display. The power transmission segment has seen a continuous increase in revenue share, while the touch display segment has experienced a decline in its revenue contribution [20][26]. Financial Forecast - Revenue projections indicate a recovery and growth trajectory, with total revenues expected to increase significantly from 2025 to 2027. The company anticipates a steady rise in gross margins due to the growing share of new energy products and improvements in operational efficiency [54][56]. Market Position and Competitiveness - The company is positioned in a competitive market with a focus on both domestic and international clients. It has established partnerships with major automotive manufacturers and is expanding its footprint in the new energy sector [45][46]. Valuation - The relative valuation compared to peer companies indicates that while the company has lower revenue and profit margins, its growth potential in new energy and robotics could provide significant upside [58][59].

Group 1 - The company is a local automotive parts manufacturer in Chongqing, primarily engaged in power transmission and touch display businesses, with power transmission becoming the main revenue contributor, accounting for 54% of revenue in the first half of 2025 [1] - In 2023, the company experienced losses due to goodwill impairment but is expected to return to profitability in 2024, with net profits of 124 million and 109 million yuan in 2024 and the first half of 2025, respectively [1] - The company's new energy business is rapidly expanding, with sales and revenue proportions significantly increasing; the share of new energy products in total power transmission sales is projected to rise from 5% in 2022 to 18% in 2024, and new energy revenue is expected to grow from 5% to 15% of total revenue during the same period [1] Group 2 - The Chongqing government is actively supporting the robotics industry, with multiple policies aimed at fostering innovation and development in this sector [2] - In January 2025, the company invested in QuanZhiBo to establish a presence in the robotics business, leveraging its technical reserves in transmission and precision component mass production [2] - The company successfully launched an integrated joint module in the first half of 2025, which is anticipated to become a new growth point for the business [2] Group 3 - The company expects to achieve operating revenues of 4.23 billion, 5.01 billion, and 5.69 billion yuan from 2025 to 2027, with net profits of 240 million, 300 million, and 390 million yuan, respectively [2] - Corresponding price-to-earnings ratios are projected to be 42.9, 34.2, and 26.4 times for the years 2025, 2026, and 2027 [2]