GUILIN FUDA (603166) 申万宏源证券·2025-03-17 01:12Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company announced an investment in Changban Technology, acquiring a total of 35% equity through a phased capital increase and share acquisition, aiming to establish a joint venture for robot components [5][8] - The collaboration is expected to create synergies in production technology and supply chain, enhancing capabilities in both linear and rotary actuators for robotics [8] - The company is transitioning from traditional crankshaft manufacturing to focus on new energy electric drive gears and robotics, which are anticipated to drive significant revenue growth [8] Financial Data and Profit Forecast - Total revenue is projected to grow from 1,352 million in 2023 to 3,288 million by 2026, with a compound annual growth rate (CAGR) of approximately 24.8% [6][10] - Net profit is expected to increase from 104 million in 2023 to 394 million by 2026, reflecting a CAGR of about 40.8% [6][10] - The company’s gross margin is forecasted to remain stable, with slight improvements from 23.8% in 2023 to 25.4% in 2026 [6]