GUILIN FUDA (603166) 华创证券·2025-04-26 13:14Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price range of 17.5 to 19.7 yuan [2][8]. Core Insights - The company reported a record high net profit margin in Q1 2025, with revenue of 470 million yuan, a year-on-year increase of 47%, and a net profit of 65 million yuan, up 106% year-on-year [2][8]. - The company's transition towards robotics is accelerating, with significant growth expected in the coming years [8]. Financial Performance Summary - Revenue Forecast: - 2024A: 1,648 million yuan - 2025E: 2,351 million yuan (42.7% YoY growth) - 2026E: 2,829 million yuan (20.3% YoY growth) - 2027E: 3,228 million yuan (14.1% YoY growth) [4][9] - Net Profit Forecast: - 2024A: 185 million yuan - 2025E: 282 million yuan (52.4% YoY growth) - 2026E: 351 million yuan (24.3% YoY growth) - 2027E: 407 million yuan (15.8% YoY growth) [4][9] - Earnings Per Share (EPS): - 2024A: 0.29 yuan - 2025E: 0.44 yuan - 2026E: 0.54 yuan - 2027E: 0.63 yuan [4][9] - Valuation Ratios: - Price-to-Earnings (P/E) ratio for 2025E: 34 [4][9] - Price-to-Book (P/B) ratio for 2025E: 3.6 [4][9] Business Development Insights - The company is experiencing significant growth in its crankshaft business, particularly in the passenger vehicle segment, with over 50% supply share for BYD's hybrid models [8]. - The company is set to enter a new expansion cycle with the production of 1 million automated new energy hybrid crankshafts expected to commence before May 2025 [8]. - The robotics transformation is highlighted as a key focus, with the company developing a planetary gearbox product for robots, with milestones set for 2024 [8].