蓝黛科技（002765）：2024业绩扭亏，机器人布局持续推进

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company is expected to achieve a turnaround in 2024 with a revenue of 3.54 billion yuan, representing a year-on-year growth of 25.9%, and a net profit of 120 million yuan, marking a return to profitability [1] - The automotive parts segment is the primary contributor to revenue growth, with significant partnerships with major clients such as SAIC Group, FAW Group, and Toyota [1] - The company is expanding its production capabilities by establishing a base in Thailand with an investment of up to 200 million yuan to support local clients [1] - The electronics business is also performing well, with a projected revenue of 1.75 billion yuan in 2024, reflecting a year-on-year increase of 39.8% [1] Financial Performance Summary - The company reported a revenue of 2.808 billion yuan in 2023, with a projected increase to 3.536 billion yuan in 2024, and further growth expected in the following years [3] - The net profit is forecasted to improve from a loss of 365 million yuan in 2023 to a profit of 124 million yuan in 2024, with continued growth anticipated through 2027 [3] - The earnings per share (EPS) is expected to rise from -0.56 yuan in 2023 to 0.19 yuan in 2024, indicating a positive trend in profitability [3] Expense Management - The company has effectively controlled its expense ratio, which decreased by 1.9 percentage points year-on-year to 8.6% in 2024 [2] - The breakdown of expenses includes sales at 1.4%, management at 2.9%, R&D at 4.1%, and financial expenses at 0.2% [2] Strategic Initiatives - The company has acquired a 4.3478% stake in Wuxi Quanzhibo to expand into the robotic joint business, indicating a strategic move towards automation and robotics [2] - Collaboration with Quanzhibo focuses on the development and production of integrated robotic joints and core components [2] Profit Forecast and Valuation - The projected net profits for 2025, 2026, and 2027 are 220 million yuan, 280 million yuan, and 336 million yuan, respectively, with corresponding price-to-earnings (PE) ratios of 46, 37, and 30 times [2]