GUILIN FUDA (603166) 西南证券·2025-03-17 13:41Investment Rating - The report maintains a "Buy" rating for the company with a target price of 15.84 CNY over the next six months, compared to the current price of 12.90 CNY [1]. Core Insights - The company is transitioning into the robotics sector, aiming for high-end intelligent manufacturing, which aligns with its strategic planning [7]. - The company has made significant investments in acquiring a 35% stake in Changban (Yangzhou) Robot Technology Co., and plans to establish a joint venture to enter the humanoid robot and intelligent equipment market [7]. - The company’s crankshaft business remains strong, with a gross margin of 29.7% in 2023, and it is expanding its precision forging capabilities to enhance control over the entire supply chain [7]. - The company is successfully penetrating overseas markets, with notable sales growth in large crankshafts and new energy gear products [7]. - A stock incentive plan has been introduced, reflecting the company's confidence in achieving ambitious profit targets over the next three years [7]. Financial Performance Summary - The company’s projected revenue for 2023 is 1,352.32 million CNY, with expected growth rates of 19.18% in 2023, 26.32% in 2024, 40.98% in 2025, and 25.46% in 2026 [2][12]. - The net profit attributable to the parent company is forecasted to be 103.53 million CNY in 2023, with significant growth expected to 180.25 million CNY in 2024, 283.26 million CNY in 2025, and 400.71 million CNY in 2026 [2][12]. - The earnings per share (EPS) is projected to increase from 0.16 CNY in 2023 to 0.62 CNY in 2026 [2][12]. - The return on equity (ROE) is expected to rise from 4.47% in 2023 to 13.06% in 2026 [2][12]. Business Segment Analysis - The crankshaft segment is expected to see a revenue increase from 733 million CNY in 2023 to 1,682 million CNY in 2026, with a gross margin stabilizing around 30% [9][12]. - The new energy electric drive gear segment is projected to grow significantly, with revenues expected to reach 300 million CNY by 2026, reflecting a high gross margin of 27% [12]. - The company is also focusing on expanding its precision forging and gear businesses, with substantial growth rates anticipated in the coming years [9][12].