LSKJ(300680) 招商证券·2025-03-14 13:00Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][4]. Core Viewpoints - The company is accelerating its layout in the humanoid robot core transmission system by acquiring a controlling stake in Weihan Intelligent Technology [1][2]. - Weihan Intelligent specializes in precision transmission, with over 70 standard harmonic reducer products, enhancing the company's capabilities in robotics [1][2]. - The integration of government, university, and overseas resources aims to create an industrial ecosystem that combines automotive parts manufacturing with robotics technology [2]. Financial Data and Valuation - The company is projected to achieve significant revenue growth, with total revenue expected to reach 4,157 million yuan in 2025, reflecting a 53% year-on-year increase [3][10]. - The net profit attributable to the parent company is forecasted to be 354 million yuan in 2025, up 58% from the previous year [3][10]. - The company's PE ratio is expected to decrease from 39.1 in 2024 to 24.8 in 2025, indicating improving valuation metrics [10]. Business Outlook - The company is positioned as a leader in EGR and motor core businesses, with strong growth in its existing operations and new ventures in robotics and commercial aerospace [3]. - The natural gas nozzle business is anticipated to benefit from the increase in demand for natural gas heavy trucks, contributing to revenue growth in 2025 and 2026 [3].