Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company focuses on garden machinery and actively expands into humanoid robotics, aiming to create a second growth curve [2][4] - The humanoid robot industry is entering a mass production phase, accelerating the industrialization process [3][30] - The company is investing in embodied intelligence to enhance its growth trajectory [4][36] Summary by Sections 1. Company Overview - Established in December 1997, the company initially focused on electric tools and gradually expanded into garden machinery, obtaining various international certifications to support exports [2][14] - In 2023, the company established Shanghai Zhongjian High-Krypton Robot Co., Ltd. to develop next-generation robotic lawnmowers [2][14] - The company invested in 1X Holding AS in March 2024, collaborating with major international institutions to explore humanoid robot development opportunities [2][14] 2. Industry Trends - The humanoid robot market is experiencing rapid advancements, with Tesla's Optimus robot showing significant improvements in functionality and human-like movements [3][30] - By 2030, the demand for humanoid robots in Tesla and global electric vehicle factories is projected to reach 125,000 and 500,000 units, respectively [34] 3. Financial Performance - The company has shown steady revenue growth, with total revenue increasing from 420 million yuan in 2018 to 667 million yuan in 2023, representing a CAGR of 9.9% [20][23] - The net profit attributable to the parent company rose from 12 million yuan in 2020 to 48 million yuan in 2023, with a forecasted net profit of 59 million yuan for 2024 [20][45] - The company’s gross margin has been improving, with a projected gross margin of 31% for its lawnmower segment in 2024 [42][27] 4. Investment Outlook - The company is expected to maintain robust growth, with projected net profits of 59 million yuan, 73 million yuan, and 90 million yuan for 2024, 2025, and 2026, respectively [45] - The current price-to-earnings ratio is relatively high compared to peers, indicating a premium valuation [45] - The company’s strategic investments in humanoid robotics and partnerships with leading firms position it well for future growth [4][36]