PPF(300258) 民生证券·2025-03-18 03:26Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Viewpoints - The company is accelerating its layout in humanoid robots by establishing a joint venture with Tianjin Aima Technology, which will enhance its core component industrialization process [2][3]. - The company is experiencing steady growth in its main business and is expanding its product lines, which is expected to open up long-term growth opportunities [2][3]. - The establishment of a factory in Thailand is anticipated to mitigate the impact of export tariffs and shipping cost fluctuations, facilitating overseas order acquisition and accelerating globalization [2][3]. Financial Forecasts - The projected revenues for 2024, 2025, and 2026 are 2.22 billion, 2.80 billion, and 3.54 billion respectively, with corresponding net profits of 222 million, 299 million, and 386 million [4][8]. - The earnings per share (EPS) are expected to be 0.46, 0.62, and 0.80 for the years 2024, 2025, and 2026 respectively, with price-to-earnings (PE) ratios of 34, 25, and 20 [3][4]. - The company’s revenue growth rates are forecasted at 5.7%, 26.1%, and 26.4% for the years 2024, 2025, and 2026 respectively [4][9].