Investment Rating - The report maintains a "Buy" investment rating for the company [2][10]. Core Insights - The company achieved robust growth in 2024, with total revenue reaching 1.819 billion yuan, a year-on-year increase of 35.64%, and a net profit attributable to shareholders of 220 million yuan, up 31.05% year-on-year [6]. - The operating cash flow significantly increased, reaching 320 million yuan in 2024, representing a growth of 103.99% year-on-year, indicating strong operational health [6]. - The company is actively expanding its overseas production capacity, establishing a global production base with facilities in Germany, Malaysia, Mexico, and Vietnam [7]. - The company is deeply engaged in the development of electronic skin technology, collaborating with renowned medical brands and exploring applications in the robotics industry [8][9]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 1.819 billion yuan, with a growth rate of 35.6% [12]. - The net profit attributable to shareholders was 220 million yuan, reflecting a growth rate of 31.1% [12]. - The company forecasts revenues of 2.185 billion yuan, 2.691 billion yuan, and 3.192 billion yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 2.12 yuan, 2.54 yuan, and 3.01 yuan [10][12]. Product Segmentation - Revenue from injection molding products reached 909 million yuan, up 38.13% year-on-year, with a gross margin of 31.57% [7]. - Health products generated 538 million yuan in revenue, a 42.83% increase, although the gross margin decreased to 20.96% [7]. - Precision molds contributed 296 million yuan in revenue, with a stable gross margin of 39.49% [7]. Strategic Initiatives - The company is enhancing its overseas production capabilities and has formed partnerships with global leaders in various industries, including a collaboration with ASETEK for AI racing simulation systems [7]. - The focus on electronic skin technology positions the company to tap into the growing robotics market, with ongoing projects in educational and automated feeding robots [8][9].
唯科科技（301196）：公司事件点评报告：现金流增速亮眼，海外产能可期