LSKJ(300680) 华龙证券·2025-04-22 10:23Investment 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, a 29.88% increase year-on-year [5] - The company is gradually improving its layout in the humanoid robot sector, with its second-generation humanoid robot capable of precise positioning and dual-arm collaborative operations [5][6] Financial Summary - For 2024 Q4, 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] - The company's net profit margin for 2024 Q4 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] Market Data - The current stock price is 36.43 yuan, with a market capitalization of approximately 8.416 billion yuan [3] - The stock has a 52-week price range of 13.31 to 49.50 yuan, indicating significant volatility [3] Growth Potential - The company is expected to benefit from the launch of new products in 2025, including the AITO M8 and Xiaomi YU7, which are anticipated to drive growth in its motor core business [5] - Longsheng Technology's humanoid robot development is supported by its acquisition of key components, enhancing its competitive edge in the robotics market [5][6]