Kinco Automation( Shanghai) (688160) 中原证券·2025-02-28 10:23Investment Rating - The report assigns a rating of "Increase" for the company, indicating an expected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [29]. Core Views - The company reported a revenue of approximately 549 million yuan for 2024, reflecting a year-on-year growth of 8.45%, while the net profit attributable to shareholders decreased by 18.73% to 49.32 million yuan [6][13]. - The recovery in the robotics and general automation industry has led to steady revenue growth, although increased R&D investments have impacted net profit [7][11]. - The company has established a comprehensive product line with proprietary intellectual property, including human-machine interfaces, programmable logic controllers, and servo systems, enabling it to provide automation solutions [7][9]. Summary by Sections Financial Performance - For 2024, the company expects revenues of 549 million yuan, with projections of 691 million yuan in 2025 and 839 million yuan in 2026, alongside net profits of 49 million yuan, 93 million yuan, and 132 million yuan respectively [13][16]. - The gross profit margin for 2024 is reported at 36.54%, with a diluted return on equity of 1.24% [2][19]. Market Position - The company holds a leading market share of 12% in the low-voltage DC servo market and 42% in the general automation sector, benefiting from the domestic demand for industrial automation and the trend of domestic substitution [10][11]. - The robotics sector accounted for approximately 38% of the company's revenue, with significant growth in the general automation and medical imaging equipment sectors as well [7][11]. Strategic Focus - The company is focusing on a "1+N" strategy centered around robotics, expanding into various sub-sectors while enhancing its core product lines [11][12]. - The company is actively developing humanoid robot markets and has established collaborations with multiple domestic and international clients [12].