SHBT(603009) 中航证券·2024-10-24 03:15Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company plans to invest 1.85 billion yuan to establish a planetary roller screw production base, which is expected to benefit significantly from the humanoid robot industry trend [1] - The company has signed an investment agreement with the management committee of Jiangsu Kunshan Economic Development Zone and will set up a wholly-owned subsidiary, Jiangsu Beite Robotics, to implement the project [1] - The planetary roller screw is a major cost component in humanoid robots, accounting for approximately 28.6% of the total machine cost, indicating a strong demand for cost reduction and a significant opportunity for domestic suppliers [1] - The company has over 20 years of experience in the automotive parts industry, which provides a solid foundation for the new robotics-related technology and products [1] - The company is expected to achieve revenue of 2.143 billion yuan, 2.478 billion yuan, and 2.896 billion yuan from 2024 to 2026, with net profits of 83 million yuan, 124 million yuan, and 164 million yuan respectively [1] Financial Data Summary - Revenue for 2022 was 1,705.50 million yuan, with a growth rate of -1.86%. The projected revenue for 2024 is 2,143.36 million yuan, reflecting a growth rate of 13.94% [5] - The net profit for 2022 was 45.94 million yuan, with a growth rate of -29.42%. The projected net profit for 2024 is 82.78 million yuan, indicating a growth rate of 62.74% [5] - The gross margin for 2022 was 17.15%, expected to increase to 18.49% by 2024 [5] - The price-to-earnings (P/E) ratio is projected to decrease from 206.89 in 2022 to 114.82 in 2024 [5] - The return on equity (ROE) is expected to rise from 2.93% in 2022 to 4.99% in 2024 [5]