Investment Rating - The report maintains a "Buy" investment rating for the company [2][10]. Core Insights - The company achieved robust growth in performance, with total revenue reaching 1.819 billion yuan in 2024, a year-on-year increase of 35.64%, and a net profit 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]. - Revenue forecasts for 2025-2027 are projected at 2.185 billion, 2.691 billion, and 3.192 billion yuan, respectively, with corresponding EPS of 2.12, 2.54, and 3.01 yuan [10][12]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 1.819 billion yuan, a 35.64% increase year-on-year, and a net profit of 220 million yuan, reflecting a 31.05% growth [6]. - The operating cash flow reached a record high of 320 million yuan, marking a 103.99% increase from the previous year [6]. Product and Market Expansion - The company's injection molding products generated revenue of 909 million yuan, up 38.13% year-on-year, while healthcare products saw a revenue increase of 42.83% to 538 million yuan [7]. - The company is expanding its overseas production capabilities, positioning itself as one of the few domestic enterprises with a global production base [7]. Research and Development - The company is focusing on electronic skin technology, collaborating with AMBU for the development of plastic human skin for laboratory and educational use [8]. - The company is also developing products for the robotics sector, including educational companion robots and automated feeding robots [9]. Earnings Forecast - The company forecasts revenues of 2.185 billion yuan in 2025, 2.691 billion yuan in 2026, and 3.192 billion yuan in 2027, with EPS estimates of 2.12, 2.54, and 3.01 yuan respectively [10][12].
唯科科技：公司事件点评报告：现金流增速亮眼，海外产能可期-20250424