Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 22.40 CNY, compared to the current price of 21.38 CNY [4][8]. Core Insights - The company achieved a revenue of 836 million CNY in 2024, representing a year-on-year growth of 25.75%. The net profit attributable to the parent company was 43 million CNY, with a growth of 1.48%. The non-recurring net profit reached 37 million CNY, showing a significant increase of 60.72% [2][4]. - In Q1 2025, the company reported a revenue of 79.86 million CNY, marking a year-on-year increase of 51.43%, while the net profit attributable to the parent company was a loss of 0.718 million CNY, indicating a substantial narrowing of losses [2][4]. Financial Performance - The company’s main revenue sources in 2024 included: 1. Intelligent warehousing logistics systems, generating 711 million CNY, up 23.34% year-on-year. 2. Intelligent warehousing logistics equipment, generating 98 million CNY, up 35.50% year-on-year [8]. - The overall gross margin for 2024 was 23.84%, an increase of 1.19 percentage points year-on-year. The gross margin for intelligent warehousing logistics systems was 21.46%, up 0.69 percentage points, while for intelligent warehousing logistics equipment, it was 38.66%, up 5.08 percentage points [8]. Future Projections - Revenue projections for 2025-2027 are as follows: - 2025: 1,034 million CNY - 2026: 1,268 million CNY - 2027: 1,540 million CNY - The net profit attributable to the parent company is projected to be: - 2025: 56 million CNY - 2026: 63 million CNY - 2027: 71 million CNY [8][9]. Valuation Metrics - The report suggests a 35x price-to-earnings (P/E) ratio for 2025, leading to a target price of approximately 22.40 CNY. The company is expected to benefit from its leading position in the intelligent warehousing and equipment sector, driving both revenue and valuation growth [8][9].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 22.40 yuan, compared to the current price of 21.38 yuan [4][8]. Core Insights - The company achieved a revenue of 836 million yuan in 2024, representing a year-on-year growth of 25.75%. The net profit attributable to the parent company was 43 million yuan, with a growth of 1.48%, while the net profit after deducting non-recurring items reached 37 million yuan, showing a significant increase of 60.72% [2][4]. - In Q1 2025, the company reported a revenue of 79.86 million yuan, a year-on-year increase of 51.43%, although it recorded a net loss of 718,000 yuan, which is a substantial narrowing of losses [2][4]. - The company’s main revenue source is the intelligent warehousing logistics system, which generated 711 million yuan in revenue, up 23.34% year-on-year. The intelligent warehousing logistics equipment also saw a revenue increase of 35.50%, reaching 98 million yuan [8][9]. - The overall gross margin for 2024 was 23.84%, an increase of 1.19 percentage points year-on-year. The gross margin for the intelligent warehousing logistics system was 21.46%, while the equipment segment improved significantly to 38.66% [8][9]. - The company is focusing on R&D, particularly in the area of automated guided vehicles (AGV) and has introduced new products, enhancing its competitive edge in the market [8][9]. Financial Summary - The company’s total revenue is projected to grow from 1,034 million yuan in 2025 to 1,540 million yuan by 2027, with net profits expected to rise from 56 million yuan to 71 million yuan in the same period [8][9]. - The company’s earnings per share (EPS) is forecasted to increase from 0.49 yuan in 2024 to 0.82 yuan by 2027 [8][9]. - The price-to-earnings (P/E) ratio is expected to decrease from 43 times in 2024 to 26 times in 2027, indicating a potential increase in valuation as earnings grow [8][9].

Group 1: Investor Relations Activity Overview - The investor relations activity was an earnings briefing held on May 16, 2025, via the Zhongzheng Roadshow Center [3] - Participants included company executives and investors attending the 2024 annual report and Q1 2025 performance briefing [3] Group 2: Fundraising and Project Progress - The company raised a net amount of 161 million CNY from its public offering on April 8, 2024, with 102 million CNY utilized in 2024 [5] - The fundraising projects include an annual production of 65,000 heat exchangers and air coolers, 100,000 sets of intelligent warehousing logistics equipment, and a research center, with construction progressing well [5] Group 3: Research and Development Plans - In 2024, the company allocated 16.69 million CNY for R&D, representing 4.16% of its revenue, an increase of 0.45 percentage points from 2023 [5] - The company holds 10 invention patents and over 50 utility model patents, with plans to increase R&D investment to enhance technology and innovation [5] Group 4: Shareholder and Acquisition Plans - The company plans to hold its annual shareholder meeting on May 22, 2025, to discuss the 2024 profit distribution plan [6] - Currently, there are no acquisition plans, but the company is open to strategic opportunities that align with its core business [6] Group 5: International Business Development - In 2024, the company achieved its first overseas revenue of 14.71 million CNY, amid a competitive domestic market [7] - The company aims to expand its international client base and establish partnerships with major global refining companies such as BP, TOTAL, and Chevron [7] Group 6: Shareholder Actions - The major shareholders and actual controllers currently have no plans for share reduction [7]