FULIN. PM(300432) 华鑫证券·2025-01-01 08:07Investment Rating - The report maintains a "Buy" investment rating for the company [3][15]. Core Insights - The company is extending its research and manufacturing capabilities in mechatronics into the robotics field, having developed robot electric joint assembly products that have been validated by customers and are beginning small-scale production, with expectations for mass supply next year, which could open up long-term growth opportunities [3]. - The company plans to establish a joint venture with Zhiyuan Robotics to jointly develop the humanoid robot market [3]. - Revenue forecasts for 2024-2026 are projected at 85.00 billion, 128.63 billion, and 157.19 billion yuan, respectively, with EPS of 0.38, 0.81, and 1.00 yuan, leading to corresponding PE ratios of 40.1, 19.0, and 15.4 times [3]. Financial Projections - The company's main revenue for 2023 is projected at 5,761 million yuan, with a growth rate of -21.6%, followed by 8,500 million yuan in 2024 (47.5% growth), 12,863 million yuan in 2025 (51.3% growth), and 15,719 million yuan in 2026 (22.2% growth) [4]. - The net profit attributable to shareholders is expected to recover from -543 million yuan in 2023 to 469 million yuan in 2024, 986 million yuan in 2025, and 1,218 million yuan in 2026, with growth rates of -184.1%, 110.4%, and 23.5%, respectively [4]. - The diluted EPS is forecasted to improve from -0.44 yuan in 2023 to 0.38 yuan in 2024, 0.81 yuan in 2025, and 1.00 yuan in 2026 [4]. - The company's ROE is expected to turn positive, from -13.5% in 2023 to 9.9% in 2024, 15.7% in 2025, and 14.8% in 2026 [4].