SHBT(603009) 山西证券·2025-03-03 07:28Investment Rating - The report maintains an "Accumulate-A" rating for the company [3] Core Views - The company has demonstrated stable revenue growth in 2024, achieving a revenue of 2.024 billion yuan, a year-on-year increase of 7.57%, with a net profit of 71 million yuan, up 40.43% year-on-year [4] - The growth is attributed to the steady development of the chassis components business and the gradual mass production of new products in the air conditioning compressor segment [4] - The company is expanding into the humanoid robot industry by establishing subsidiaries for planetary roller screws, enhancing its growth potential [4] Market Performance - As of February 28, 2025, the closing price is 53.93 yuan, with a yearly high of 60.28 yuan and a low of 13.00 yuan [2] Financial Data and Valuation - Revenue projections for 2025-2027 show significant growth, with expected net profit growth rates of 58.8%, 27.5%, and 26.6% respectively [4] - The gross margin is projected to improve steadily, reaching 20.0% by 2027 [4] - The company’s net profit margin is expected to increase to 5.4% by 2027 [4] - The P/E ratio is projected to decrease from 358.9 in 2023 to 99.8 by 2027, indicating improved valuation metrics over time [4]