【中泰汽车何俊艺团队】提示爱柯迪：低位T链机器人标的，目前仅13xPE 机器人稀缺优质业绩标的。 25年利润预计12E+（含卓尔博并表3kw），即使25Q4单季利润受铝价上涨冲击，次季度成本可传导，涨价可抬升 26年利润。 25年新增在手180亿，同比+60%，26年内生收入&利润增长保守15%增速，对应13.5亿利润。 卓尔博26年营收14-15亿，利润2.2亿+，并表 公司寻求外延获取减速器能力，结合自身已有电机零部件和压铸能力，具备关节总成潜力，机器人超额收益只在 叙事改变的一瞬间，推荐早期底部布局。 股价压制因素将解除。 26年合计15亿利润，目前不到13xPE。 机器人多轮打样。 对接T客户，基本确认供应胸腔电池壳体，单人ASP1200，后续品类价值量继续拓展。 爱柯迪是T链机器人板块选股中最低估值+潜力强的稀缺标的。 【中泰汽车何俊艺团队】提示爱柯迪：低位T链机器人标的，目前仅13xPE 机器人稀缺优质业绩标的。 25年利润预计12E+（含卓尔博并表3kw），即使25Q4单季利润受铝价上涨冲击，次季度成本可传导，涨价可抬升 26年利润。 25年新增在手180亿，同比+60%，26年内生收入&利润增 ...

Group 1 - The company reported a revenue increase of 35.64% to 1.819 billion in 2024, with a net profit increase of 31.05% to 220 million [1] - In Q1 2025, the company achieved a revenue of 539 million, representing a year-on-year growth of 64.37% and a quarter-on-quarter growth of 12.34%, with a net profit of 77 million, showing a year-on-year increase of 105.12% and a quarter-on-quarter increase of 80.83% [1] - The company's expense ratios for sales, management, R&D, and finance were 2.47%, 8.05%, 4.37%, and -0.73% respectively, with year-on-year changes of -0.4, -3.49, -0.56, and -0.05 percentage points [1] Group 2 - Demand for new energy and health appliances is rising, leading to better-than-expected performance growth, with overseas production capacity being continuously released to strengthen competitive advantages [2] - Revenue from injection molding products increased by 38.13% to 909 million in 2024, with a gross margin increase of 0.73 percentage points to 31.57%; health products revenue rose by 42.83% to 538 million, with a gross margin decrease of 5.32 percentage points to 20.96% [2] - The company is actively expanding in the new energy sector and acquired Yuke Plastic in May 2024, benefiting from the trends in the new energy vehicle industry [2] Group 3 - The company is a key supplier for overseas giants like Kollmorgen, providing components for robots, and is advancing in the development of electronic skin [3] - The company supplies motor components and gears to major motor companies and collaborates with firms like DANFOSS to develop advanced materials for applications in components [3] - The company is working with renowned medical brand AMBU to develop plastic human skin, and its subsidiary Yuke Plastic is developing IME in-mold electronic technology, which is expected to accelerate electronic skin development [3] Group 4 - The company is projected to achieve revenues of 2.221 billion, 2.684 billion, and 3.232 billion from 2025 to 2027, with corresponding net profits of 316 million, 371 million, and 399 million, leading to P/E ratios of 23.7, 20.2, and 18.7 respectively [3]