Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a significant revenue increase of 31.21% year-on-year for 2024, reaching 2.397 billion yuan, with a net profit growth of 52.81% to 224 million yuan [1] - In Q1 2025, the company achieved a revenue of 606 million yuan, reflecting a year-on-year growth of 7.06%, and a net profit of 59 million yuan, up 11.41% year-on-year [2] - The company is expanding its robotics business, focusing on advanced technologies such as dexterous hands and harmonic reducers, and has established a subsidiary to enhance its capabilities in humanoid robotics [3] Financial Summary - The company forecasts revenues of 3.44 billion yuan, 4.41 billion yuan, and 5.47 billion yuan for 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 43.4%, 28.3%, and 23.9% [4] - Expected net profits for the same years are projected at 331 million yuan, 435 million yuan, and 530 million yuan, with growth rates of 47.5%, 31.5%, and 21.9% [4][9] - The company's earnings per share (EPS) is expected to increase from 0.97 yuan in 2024 to 2.29 yuan in 2027 [11]

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 52.9 CNY for 2025, based on a 40x PE valuation [3][6]. Core Insights - The company reported a strong performance in 2024, achieving a revenue of 2.397 billion CNY, a year-on-year increase of 31.21%, and a net profit attributable to shareholders of 224 million CNY, up 52.81% year-on-year [1][2]. - The growth in revenue was driven by various business segments, with EGR, new energy, and stamping parts generating revenues of 729 million CNY, 1.034 billion CNY, and 421 million CNY, respectively, reflecting year-on-year growth rates of 30%, 29%, and 43% [2]. - The company has made significant advancements in the humanoid robot sector, focusing on key components such as dexterous hands and harmonic reducers, indicating potential for future growth [3]. Financial Summary - In 2024, the company achieved a gross margin of 17.95%, an increase of 0.16 percentage points year-on-year, and a net margin of 9.57%, up 1.43 percentage points year-on-year [2]. - The projected revenues for 2025-2027 are 3.402 billion CNY, 4.456 billion CNY, and 5.596 billion CNY, with corresponding net profits of 306 million CNY, 425 million CNY, and 562 million CNY, indicating a robust growth trajectory [4][12]. - The company’s net asset return is expected to improve from 12.31% in 2024 to 19.20% by 2027, showcasing enhanced profitability [4][12].