Shanghai Ruking Technologies (301525) 信达证券·2025-04-25 02:23Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is expected to see a recovery in its heat pump business, with a focus on automation and new growth areas in the electric vehicle thermal management and robotics sectors [4] - The company reported a revenue of 1.297 billion in 2024, a decrease of 16% year-on-year, but showed a positive trend in Q1 2025 with a revenue of 0.351 billion, an increase of 19% year-on-year [1][4] - The forecast for net profit for 2025-2027 is 2.6 billion, 3.5 billion, and 4.1 billion respectively, indicating growth rates of 55%, 35%, and 17% [4] Financial Summary - The total revenue for 2023 was 1.545 billion, with a year-on-year decrease of 4.3%, while the projected revenue for 2025 is 1.737 billion, reflecting a growth of 33.9% [3] - The net profit attributable to the parent company for 2024 was 168 million, down 22.2% year-on-year, but is expected to rise to 260 million in 2025, a growth of 54.6% [3] - The gross margin is projected to stabilize around 25% for the coming years, with a slight increase to 25.5% in 2026 and 2027 [3] - The company's P/E ratio is expected to decrease from 40.53 in 2024 to 26.22 in 2025, indicating a more attractive valuation [3]