维持“增持” 评级，上调目标价至 73.9元。公司定增&股权激励落地，彰显强劲增长动力，调整2024-2026 年EPS 分别为1.85（-0.01）、2.19（+0.01）、2.55（-0.10）元。依据可比公司伟创电气、汇川技术，给予2025 年33.7X PE，对应目标价73.9 元，维持增持评级。Introduction to this report:
The interests of the company and talents are bound in both directions, technology+channel two-wheel drive, and fixed growth projects have shown a strong growth trend.
Key investment points:
Maintaining the “Overweight” rating, the target price was raised to 73.9 yuan. The implementation of the company's fixed increase & equity incentives showed strong growth momentum. The adjusted 2024-2026 EPS was 1.85 (-0.01), 2.19 (+0.01), and 2.55 (-0.10) yuan, respectively. According to comparable companies Weichuang Electric and Huichuan Technology, 33.7X PE was given in 2025, corresponding to a target price of 73.9 yuan, maintaining an increase in holdings rating.
Incident: Recently, the company received approval from the Securities Regulatory Commission for a fixed increase. The actual controller increased the full rating by about 0.38 billion yuan for product development such as PLC and human-machine interface, and to promote the sinking of sales channels.
Previously, the equity incentive target was to exceed 20% revenue CAGR in 2025-2027, binding talent interests to drive growth.
The interests of the company and talents are bound in both directions, and technology+channel two-wheel drive. The company's PLC and drive control products have formed solutions in various industries, such as textile, printing, food and beverage industries. This increase will focus on upgrading PLC's multi-axis operation control performance, robot vision A1 algorithm and 3D unpalletizing technology, strengthening industrial automation scenario solution capabilities (such as woodworking, logistics, etc.), and providing underlying technical support for the development of core robot components. Furthermore, at present, the company's PLC market share is close to 10%, and the market share for drive-control motors is about 3%. The fixed increase will be used to build marketing showrooms and warehousing networks in 12 cities across the country to expand the product market through channel decline, and the market share is expected to continue to increase.
The robotics business is expected to bring the company a second growth curve. The company's main business is basically similar to Raysai Intelligence and Weichuang Electric, and it is expected to enter the robotics industry to usher in a second growth curve. The company has deployed products such as AGVs, photovoltaic cell packaging, and laser bag openers in the field of industrial robots, and has formed a strategic cooperation with Blue Ocean Robotics. High-precision 3D vision and PLC algorithms based on robots are expected to promote software and hardware integration innovation and accelerate the formation of a closed loop of “industrial control+intelligent equipment” ecology.
Risk warning: fixed increase projects fall short of expectations, and new product development falls short of expectations.
Today, after hitting the high near 24,000 in the early session and entering bearish positions, the index fell sharply by nearly over 600 points, immediately recouping yesterday's losses significantly.
Moreover, today it broke the new high again, reaching a maximum of 24,076, but by the end of the market, it fell back by about 70 points, producing a bearish candle. The current trend has not yet been broken, but from the previous low until now, it has risen close to 6,000 points. It is believed that those with positions can continue to hold until there is a clear trend reversal for profit-taking. Those without positions can wait for a pullback to get in. Actually, it is hoped for a quick pullback, as it allows for entry and also provides a healthy breath.
Currently, the outlook remains the same as before. It is believed that even if there is a pullback, it shouldn't be too deep. However, if Futures fail to stabilize and close below 22,350, there may still be room for decline. The chance of Futures falling below 21,400 in the short term should be low, so it is considered that if a significant pullback occurs, it presents a good opportunity to incrementally go long. Recently, there has been a consistent approach to not hold positions overnight, only focusing on immediate trades, as there is no high chasing and no casual short selling.
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