Group 1 - The company has officially signed an acquisition agreement for Shenzhen Tongzhan Precision, acquiring 51% of the shares for 104 million yuan, marking an acceleration in its robotics business [1] - The acquisition is expected to leverage the company's 20 years of precision manufacturing capabilities, customer resources, and production advantages to promote the industrialization of the screw rod business [1] - The company forecasts net profits of 156 million, 194 million, and 237 million yuan for 2025-2027, with current price-to-earnings ratios of 62.4, 50.1, and 41.1 times, maintaining a "buy" rating [1] Group 2 - Tongzhan Precision, established in 2012, specializes in automation products and has a strong reputation and financial health, with 2024 revenue of 53.97 million yuan, a gross margin of 33.7%, and a net margin of 3.0% [2] - The screw rod business is crucial for humanoid robots, characterized by high barriers, high value, and technical convergence, with domestic manufacturers needing to overcome significant challenges [2] - The micro screw technology from Tongzhan Precision can be applied to core components of robotic hands, and the company's existing resources can be reused for the screw rod business, providing a solid foundation for technological breakthroughs and market expansion [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The acquisition of Shenzhen Tongzhan Precision has been finalized, marking an acceleration in the company's robotics business. The company has invested 104 million yuan to acquire 51% of the equity, which is expected to leverage its 20 years of precision manufacturing capabilities to drive the industrialization of the screw rod business. The projected net profits for 2025-2027 are 156 million, 194 million, and 237 million yuan respectively, with corresponding P/E ratios of 62.4, 50.1, and 41.1 times [6][7][9]. Financial Summary - The total market capitalization of the company is 9.742 billion yuan, with a circulating market capitalization of 8.743 billion yuan. The current stock price is 73.03 yuan, with a 1-year high of 91.27 yuan and a low of 16.34 yuan. The turnover rate over the past three months is 314.61% [1][6]. - Revenue projections for 2023A to 2027E are as follows: 652 million, 740 million, 1.115 billion, 1.543 billion, and 2.039 billion yuan, with year-on-year growth rates of 0.6%, 13.5%, 50.6%, 38.4%, and 32.1% respectively. The net profit attributable to the parent company is projected to grow from 120 million yuan in 2023A to 237 million yuan in 2027E [9][11]. Business Development - Tongzhan Precision, established in 2012, specializes in automation products such as ball screws and precision linear modules. The company has a strong reputation and financial health, with 2024 revenue of 53.97 million yuan and a gross margin of 33.7% [7][8]. - The screw rod business is critical for humanoid robots, characterized by high barriers and value. The collaboration with Tongzhan Precision is expected to enhance the company's capabilities in this area, leveraging existing resources and customer networks to expand into new markets [8][9].