SCIYON(002380) 浙商证券·2025-04-25 04:53Investment Rating - The investment rating for the company is "Buy" [8] Core Views - The company reported significant growth in net profit, driven by its industrial robotics business, with total revenue of 1.6825 billion yuan in 2024, representing a year-over-year increase of 19.55%, and a net profit of 252 million yuan, up 56.64% year-over-year [2][3] - The company is focusing on its core business to support energy and power autonomy while actively expanding its embodied intelligence product line [4][5] Financial Performance Summary - In 2024, the company achieved total revenue of 1.6825 billion yuan (YoY +19.55%) and a net profit of 252 million yuan (YoY +56.64%). The net profit after deducting non-recurring items was 232 million yuan (YoY +100.86%). The overall gross margin for the year was 44.34% (YoY +5.23 percentage points) [2][3] - For Q1 2025, the company reported total revenue of 421 million yuan (YoY +14.60%) and a net profit of 60.90 million yuan (YoY +42.30%), with a gross margin of 39.18% (YoY +0.81 percentage points) [2][3] Business Segment Performance - The industrial automation business generated revenue of 1.415 billion yuan in 2024 (YoY +30.89%), with a gross margin of 44.70% (YoY +5.10 percentage points). The industrial internet and software business saw revenue decline to 204 million yuan (YoY -30.81%), but with a gross margin of 45.24% (YoY +6.30 percentage points). The industrial robotics segment contributed 49.56 million yuan in revenue [3][4] Strategic Focus - The company is enhancing its position in the energy sector by securing contracts for intelligent control systems, including a significant project with Datang International, the world's largest operational thermal power plant. It is also expanding into the chemical and steel industries, promoting domestic alternatives in industrial software [4] - The company is actively developing an integrated platform for embodied intelligence, leveraging its expertise in drive and control technology to enable real-time applications in various industrial scenarios [5] Earnings Forecast and Valuation - The company is expected to achieve revenues of 2.1024 billion yuan, 2.6238 billion yuan, and 3.2776 billion yuan for 2025, 2026, and 2027, respectively, with year-over-year growth rates of 24.97%, 24.81%, and 24.92%. The net profit is projected to reach 320 million yuan, 415 million yuan, and 526 million yuan for the same years, with corresponding year-over-year growth rates of 27.10%, 29.55%, and 27.00% [6][13]