RTGF(605133) 东方证券·2025-04-28 07:13Investment Rating - The report maintains a "Buy" rating for the company with a target price of 40.32 CNY, based on a projected average PE of 36 times for comparable companies in 2025 [2][5]. Core Views - The company is actively expanding new projects and developing its robotics business to cultivate a second growth curve [1]. - The financial performance for 2024 is in line with expectations, with a projected revenue of 2.352 billion CNY, representing a year-on-year growth of 16.4%, and a net profit of 163 million CNY, up 11.9% year-on-year [8]. - The company is focusing on enhancing its global presence and expanding its product offerings in the new energy sector, including partnerships with major clients in the automotive industry [8]. Financial Forecasts - The forecasted net profits for the years 2025 to 2027 are 244 million CNY, 305 million CNY, and 375 million CNY respectively, with a significant increase of 49.1% in 2025 compared to the previous year [2][4]. - Revenue projections show a steady increase from 2.889 billion CNY in 2025 to 4.032 billion CNY in 2027, with growth rates of 22.8%, 17.8%, and 18.5% respectively [4][8]. Key Financial Metrics - The company’s gross margin is expected to improve from 24.0% in 2024 to 25.7% in 2027, indicating better cost management and pricing strategies [4][8]. - The net profit margin is projected to increase from 6.9% in 2024 to 9.3% in 2027, reflecting enhanced profitability [4][8]. - The return on equity (ROE) is anticipated to rise from 6.1% in 2024 to 8.9% in 2027, showcasing improved efficiency in generating profits from shareholders' equity [4][8].