LSKJ(300680) 华龙证券·2025-04-22 09:24Investment Rating - The investment rating for Longsheng Technology (300680.SZ) is "Buy" (maintained) [2] Core Views - Longsheng Technology reported a revenue of 2.397 billion yuan for 2024, representing a year-on-year increase of 31.21%, and a net profit attributable to the parent company of 224 million yuan, up 52.81% year-on-year [3][5] - The company has a rich reserve of supporting models and designated projects that underpin its growth, with significant contributions from its EGR and injection systems business, which generated 729 million yuan in revenue, up 29.88% year-on-year [5] - The human-shaped robot layout is gradually improving, with the second generation of the robot body "Lansen" capable of intelligent judgment and optimized execution, enhancing operational efficiency [5][6] Financial Performance Summary - In Q4 2024, the company achieved a revenue of 754 million yuan, a year-on-year increase of 17.77%, and a net profit of 71 million yuan, up 42.24% year-on-year [3][5] - The company's net profit margin in Q4 2024 was 9.38%, an increase of 1.61 percentage points year-on-year, attributed to excellent cost control and a significant increase in fair value changes [5] - The projected net profits for 2025, 2026, and 2027 are 327 million yuan, 406 million yuan, and 439 million yuan, respectively, with corresponding P/E ratios of 25.7, 20.7, and 19.2 [6][7] Business Segments - The EGR and injection systems business is a key growth driver, benefiting from increased sales from core customers such as BYD, Chery, and Geely, which has led to an increase in market share [5] - The new energy products segment generated 1.034 billion yuan in revenue, reflecting a year-on-year growth of 29.21%, with potential blockbuster products set to launch in 2025 [5] - The company is expanding its human-shaped robot capabilities, with core components being developed and integrated into its existing product lines, enhancing its competitive edge in the robotics sector [5][6]