RAYHOO MOTOR DIES(002997) 民生证券·2025-01-15 01:23Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company is establishing a wholly-owned subsidiary, Wuhu Ruixiang Intelligent Robot Co., Ltd., to deepen its robotics business layout, with a registered capital of RMB 20 million [1] - The company benefits from the Anhui industrial cluster and actively responds to the robot industry policy outlined in the "Anhui Province Humanoid Robot Industry Development Action Plan (2024-2027)" [1] - The automotive parts business has seen significant growth, with revenue reaching RMB 257 million in H1 2024, a year-on-year increase of 244.75% [2] - The equipment business has a strong order backlog of RMB 3.93 billion as of H1 2024, up 14.95% from the previous year [2] - The company expects revenue growth from 2024 to 2026, with projected revenues of RMB 2.52 billion, RMB 3.46 billion, and RMB 4.46 billion respectively [3] Summary by Sections Company Developments - The establishment of the new subsidiary aligns with the strategic planning and operational needs of the company, focusing on industrial robot manufacturing and sales [1] - The company has been involved in the development of intelligent manufacturing solutions since 2016, collaborating with partners like Yaskawa [1] Financial Performance - The automotive parts segment's revenue growth is attributed to the successful launch of the Zhijie R7 model, which has seen significant sales [2] - The company anticipates further performance improvements as production capacity increases [3] Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are RMB 2.52 billion, RMB 3.46 billion, and RMB 4.46 billion respectively, with net profits expected to be RMB 349 million, RMB 451 million, and RMB 564 million [4][8] - The report indicates a steady increase in earnings per share (EPS) from RMB 1.67 in 2024 to RMB 2.70 in 2026 [3][9]