瑞鹄模具：设立机器人子公司，安徽机器人开启0-1

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within the next six months [7][19]. Core Insights - The establishment of a wholly-owned subsidiary, Wuhu Ruixiang Intelligent Robot Co., Ltd., marks a strategic move for the company to enter the robotics sector, with a registered capital of RMB 20 million [1]. - The Anhui provincial government is actively promoting the development of the robotics industry, aiming to create a significant impact in the humanoid robot sector by 2027, with Wuhu as a key area for innovation [2]. - The company is strategically positioning itself in the burgeoning robotics market, leveraging partnerships with major automotive players like Chery to explore synergies between the automotive and robotics industries [4]. Financial Projections - The company's projected net profit for 2024, 2025, and 2026 is estimated at RMB 349 million, RMB 434 million, and RMB 568 million respectively, reflecting a growth rate of 72.57%, 24.45%, and 30.74% [5][6]. - Revenue is expected to grow significantly from RMB 1,877 million in 2023 to RMB 4,722 million by 2026, with a compound annual growth rate (CAGR) of approximately 27.21% [6][13]. - The company's earnings per share (EPS) is projected to increase from RMB 0.97 in 2023 to RMB 2.71 in 2026, indicating strong profitability growth [6][13]. Industry Context - The robotics industry in Anhui is witnessing a surge, with multiple automotive companies establishing their own robotics subsidiaries, indicating a trend towards automation and integration within the sector [3]. - The report highlights the competitive landscape where automotive companies are expected to leverage their technological and financial resources to gain a foothold in the robotics market [4].