Investment Rating - The report assigns an "Accumulate-A" rating for the company, indicating a positive outlook for the stock's performance in the next 6-12 months [8]. Core Insights - The company is expected to achieve its best historical performance in 2024, with a significant recovery in profits driven by increased sales orders and enhanced production automation [4][5]. - The projected net profit for 2024 is estimated to be between 220 million to 280 million yuan, representing a year-on-year growth of 414.39% to 554.68% [3]. - The company has successfully turned around its lithium battery structural components business, benefiting from automation improvements and strategic partnerships with major clients [5][6]. Summary by Sections Market Performance - As of January 22, 2025, the closing price is 118.26 yuan, with a year-to-date high of 123.00 yuan and a low of 29.83 yuan [2]. Financial Forecast - The company anticipates revenues of 7.44 billion yuan in 2024, with a year-on-year increase of 23.7% [9]. - The projected net profits for 2024, 2025, and 2026 are 2.61 billion, 4.10 billion, and 6.11 billion yuan, respectively, with corresponding P/E ratios of 53.2, 33.8, and 22.7 [8][10]. Business Segments - The lithium battery structural components segment is expected to contribute nearly 60% of total revenue, with a year-on-year growth of 30% [4]. - The motor core segment saw a shipment increase of over 30%, although revenue decreased by 10% due to raw material price drops [4]. - The mold segment achieved close to 300 million yuan in revenue, reflecting a 33% year-on-year increase [4]. New Business Developments - The company has established a subsidiary focused on humanoid robot precision components, with small-scale production already initiated [6]. - Plans are in place to expand production capacity with the construction of a second semi-automated production line expected to be operational in Q1 2025 [7]. Strategic Partnerships - The company has formed stable partnerships with leading clients in the electric vehicle and industrial motor sectors, enhancing its market position [7].
震裕科技：业绩有望创历史最佳，新业务加速拓展