ECOVACS(603486) 开源证券·2025-04-27 14:51Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 16.54 billion yuan in 2024, representing a year-on-year increase of 6.7%. The net profit attributable to shareholders was 0.81 billion yuan, up 31.7% year-on-year [5] - The company is expected to benefit from the domestic subsidy and successful expansion in the European market, leading to an upward revision of profit forecasts for 2025-2027 [5] - The company’s gross margin has been recovering, with a gross margin of 49.7% in Q1 2025, an increase of 2.5 percentage points year-on-year [7] Financial Summary - The total market capitalization of the company is 30.594 billion yuan, with a circulating market capitalization of 30.270 billion yuan [1] - The company’s revenue is projected to grow from 18.455 billion yuan in 2025 to 22.028 billion yuan in 2027, with corresponding net profits increasing from 1.386 billion yuan to 1.959 billion yuan [8] - The earnings per share (EPS) are expected to rise from 2.41 yuan in 2025 to 3.41 yuan in 2027, with the price-to-earnings (P/E) ratio decreasing from 22.1 to 15.6 over the same period [8] Market Performance - The company’s stock price has fluctuated between 36.25 yuan and 68.39 yuan over the past year, with a current price of 53.18 yuan [1] - The company has a high turnover rate of 85.02% over the last three months, indicating strong trading activity [1] - The company’s domestic sales benefited from government subsidies, while international sales, particularly in Europe, showed significant growth [6]