Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's performance is under short-term pressure, but there are expectations for growth in the humanoid robot sector, particularly through the development of ball screw and reducer technologies [2] - The company is focusing on expanding its production capacity and optimizing its production layout, with a planned investment of 1 billion yuan in the core components of intelligent transmission systems [3] - The company has a competitive edge in the humanoid robot market due to its product, technology, and customer resource synergies, as well as its in-house manufacturing capabilities [2][3] Financial Summary - For 2024, the company expects revenue of 670 million yuan, a year-on-year increase of 26%, and a net profit of 60 million yuan, a decline of 13.5%. The gross margin is projected at 22%, down 7.2 percentage points [2] - The first quarter of 2025 shows revenue of 170 million yuan, a year-on-year increase of 31%, with a net profit of 13 million yuan, down 33%. The gross margin is expected to be 20%, a decrease of 10.6 percentage points [2] - The forecast for net profit from 2025 to 2027 is 74 million yuan, 83 million yuan, and 91 million yuan, representing year-on-year growth of 20%, 12%, and 10% respectively [3][8]
夏厦精密（001306）：跟踪点评报告：业绩短期承压，期待人形机器人丝杠+减速器打开空间