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东吴证券给予金杨股份买入评级:圆柱电池精密结构件领军者,跨界机器人打造第二成长曲线
Mei Ri Jing Ji Xin Wen· 2025-08-21 12:33
Group 1 - The core viewpoint of the report is that Dongwu Securities has given a "buy" rating to Jinyang Co., Ltd. (301210.SZ) based on its leading position in the domestic cylindrical battery structural components market and its strategic investment in Guohua Intelligent, which is venturing into the robotics sector to create a second growth curve [2] - The report highlights that the era of robotics has arrived, and the company's investment in Guohua is expected to achieve synergy in technology and customer base, thereby establishing a new growth driver [2] - The revenue growth rate of new structural components is outpacing the industry average, with expectations for improved profitability through cost reduction and efficiency enhancement [2] - The stable growth of nickel-based conductor materials, along with declining raw material prices, is anticipated to boost the gross profit margin [2]
金杨股份(301210):圆柱电池精密结构件领军者,跨界机器人打造第二成长曲线
Soochow Securities· 2025-08-21 11:43
Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company is a leader in precision structural components for cylindrical batteries and is expanding into the robotics sector through an investment in Guohua Intelligent, aiming to create a second growth curve [2][3]. - The company has maintained a market share of over 25% in the domestic cylindrical battery structural component market for 24 years and is expected to achieve a revenue of 1.365 billion yuan in 2024, a year-on-year increase of 23% [2][3]. - The company is positioned to benefit from the growing demand in the humanoid robot market, with projections of 3 million units sold globally by 2030 [3]. Financial Summary - The company's total revenue is projected to grow from 1.11 billion yuan in 2023 to 2.56 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 20% [1]. - The net profit attributable to the parent company is expected to decline to 56.26 million yuan in 2024 but is projected to rebound significantly to 127.46 million yuan by 2027 [1]. - The earnings per share (EPS) is forecasted to decrease from 0.53 yuan in 2023 to 0.35 yuan in 2025, before rising to 1.11 yuan in 2027 [1]. Business Segments - The cylindrical battery structural components segment is expected to generate 8.3 billion yuan in revenue in 2024, reflecting a year-on-year growth of 37.2% [4][52]. - The company has established partnerships with leading manufacturers such as Yiwei, Dongci, and CATL, which is expected to enhance its market share further [4][55]. - The nickel-based conductor materials segment is projected to grow steadily, with a revenue increase of 5-10% anticipated in 2025 [9]. Robotics Sector - The company has entered the humanoid robotics market by acquiring a 10.37% stake in Guohua Intelligent, which specializes in harmonic reducers and has secured orders from leading robot manufacturers [3][4]. - The collaboration with Guohua Intelligent is expected to create synergies in technology and customer base, positioning the company as a key supplier in the robotics components market [3]. Market Outlook - The global cylindrical battery market is projected to reach a demand of 128.2 billion units in 2024, with a year-on-year growth of 3.6% [40][49]. - The company anticipates that the cylindrical structural components market will reach over 9 billion yuan in 2025, with sustained growth of over 10% in subsequent years [49].