证券研究报告 | 公司点评 | 专用设备 与京东工业战略合作开拓渠道，人形机器人业务打开成长空间 ——永创智能点评报告 投资要点 ❑ 与京东工业战略合作，携手推进包装设备供应链数智化 4 月，永创智能与京东工业签订战略合作协议，京东工业将协助永创智能拓展线 上渠道，积极开展自营入仓工作；5 月 13 日，永创在京东开设官方旗舰店。 1）渠道打通方面：京东工业将开放京东五金城、工品汇、大型企业客户封闭采 购平台、零售门店等全渠道资源，赋能永创智能的场景覆盖和客户拓展。 2）自营入仓方面：推动更多标准化产品入京东仓，进一步提升供应链响应速度 和客户满意度，同时减少永创智能自身的仓储、物流等成本。 ❑ 业绩拐点渐显，一季度经营性现金流同比大增、2024 年主要业务条线营收正增 1）6 月，公司中标中山珠江啤酒有限公司灌装线码垛设备及服务项目，中标金 额为 389.5 万元（A 组 175 万元，B 组 214.5 万元）。 2）2025Q1实现营收 8.9亿元，同比增长 7%；实现归母净利润 0.41亿元，同比增 长 6%；实现经营性现金流净额 0.77 亿元，同比增长 138%。 永创智能(603901) 报告日 ...

Core Viewpoint - The company reported its 2024 annual results and Q1 2025 results, showing a mixed performance with revenue growth but a significant decline in net profit due to various challenges [1]. Financial Performance - In 2024, the company achieved revenue of 3.57 billion, a year-on-year increase of 13%; however, the net profit attributable to shareholders was 16 million, a decrease of 78% year-on-year; operating cash flow was 260 million, up 21% year-on-year [1]. - For Q1 2025, the company reported revenue of 890 million, a 7% increase year-on-year; net profit attributable to shareholders was 41 million, a 6% increase year-on-year; operating cash flow was 77 million, a significant increase of 138% year-on-year [1]. Business Segments - The company’s main business lines showed positive revenue growth, with total new orders amounting to approximately 4.5 billion, a year-on-year increase of about 14% [2]. - Smart packaging production lines generated revenue of 1.56 billion (up 9% year-on-year) with a gross margin of 25.5% (down 7.2 percentage points); beverage industry orders increased by about 37% due to higher capital expenditure and market share growth [2]. - Standard single machine equipment revenue reached 1.3 billion (up 21% year-on-year) with a gross margin of 25.4% (down 2.5 percentage points); new orders for standard single machine equipment grew by about 13% [2]. - Packaging materials generated revenue of 370 million (up 31% year-on-year) with a gross margin of 10.3% (up 0.9 percentage points); new orders for packaging materials increased by about 22% [2]. Future Outlook - The company is advancing its humanoid robot product development and has launched an equity incentive plan, indicating a potential turning point for its main business in 2025 [3]. - The company plans to issue 5.08 million restricted stock incentives, with conditions for lifting restrictions based on revenue and net profit targets for 2025-2027 [3]. - The company anticipates that the completion of liquid intelligent packaging production lines in 2024 will add 24 new production lines, potentially generating a net profit of 102 million [3]. Profit Forecast and Valuation - Revenue projections for 2025-2027 are estimated at 4 billion, 4.5 billion, and 5.1 billion, with year-on-year growth rates of 12%, 13%, and 13%; net profit attributable to shareholders is forecasted at 137 million, 204 million, and 299 million, with growth rates of 780%, 49%, and 47% respectively [4]. - The corresponding price-to-earnings ratios are projected to be 33, 22, and 15 times, with a compound annual growth rate of 168% for net profit from 2024 to 2027 [4].

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company has shown a revenue growth of 13% year-on-year in 2024, reaching 3.57 billion yuan, but the net profit attributable to shareholders decreased by 78% to 0.16 billion yuan due to various factors including increased costs and changes in product structure [1] - The company is expected to see a turning point in its main business in 2025, driven by product upgrades, category expansion, and domestic substitution [2][3] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 3.57 billion yuan, a 13% increase year-on-year, with a net profit of 0.16 billion yuan, down 78% [1] - For Q1 2025, the company reported a revenue of 0.89 billion yuan, a 7% increase year-on-year, and a net profit of 0.41 billion yuan, up 6% [1] - The operating cash flow for 2024 was 0.26 billion yuan, a 21% increase year-on-year, while Q1 2025 saw a significant increase of 138% to 0.77 billion yuan [1] Business Segments - The smart packaging production line generated 1.56 billion yuan in revenue, a 9% increase, with a gross margin of 25.5% [1] - Standard single machine equipment revenue reached 1.3 billion yuan, up 21%, with a gross margin of 25.4% [1] - Packaging materials revenue grew by 31% to 0.37 billion yuan, with a gross margin of 10.3% [2] Future Outlook - The establishment of a subsidiary focused on humanoid robots indicates a strategic entry into a new growth area [2] - The company plans to implement a stock incentive plan, with performance targets set for revenue and net profit from 2025 to 2027 [2] - Revenue projections for 2025-2027 are 4.0 billion, 4.5 billion, and 5.1 billion yuan, respectively, with net profits expected to grow significantly [3]