Jinwu Financial News | According to the Zheshang Securities Research Report, Preferred Choice (09880) disclosed the 2023 report, with annual revenue of 1,056 billion yuan (RMB, same below), an increase of 4.7% over the previous year; net profit loss to mother was 1,234 billion yuan, with a loss of 975 million yuan for the same period last year. The company's profitability declined in the short term, and it is expected to pick up in 2024. Order confirmation in the education and industry customization sector was delayed, and the logistics and consumer sectors progressed smoothly. In terms of humanoid robots, breakthroughs have been made since 2024, and the “Tiangong” platform was officially released.
The bank expects the company's net profit to be -880 million yuan, -406 million yuan and 019 million yuan respectively in 2024-2026. The company's current R&D expenses are large, and the losses are expected to decrease as technology matures and revenue scale increases; operating income is 1,569 billion yuan, 2,328 billion yuan, and 3.323 billion yuan, respectively, with year-on-year growth rates of 49%, 48% and 43%, respectively. The corresponding P/S is 45, 30 and 21 times, respectively. Considering that the company is the core target of the entire humanoid robot machine in China, it maintains a “gain” rating.