Longke Intelligent (300543.SZ) In-depth Financial Analysis Report

Based on the latest financial data analysis, Longke Intelligent showed a trend of stabilized and recovering performance in 2024, but the market’s focus is on the potential growth driver of the company’s robotics business. The following is a systematic analysis from multiple dimensions.

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From the annual financial data, Longke Intelligent’s net profit has gone through a process from decline to stabilization. In 2021, the company achieved a net profit of 107 million yuan, followed by significant declines for two consecutive years: a year-on-year decrease of 30.4% to 74.47 million yuan in 2022, and a further year-on-year decrease of 46.3% to 40.02 million yuan in 2023 [0]. However, in 2024, the company achieved a net profit of 51.71 million yuan, a year-on-year increase of 29.2%, indicating that a performance inflection point has emerged [0].

In terms of profitability indicators, the company’s gross margin was 18.34% in 2024, and the net profit margin was only 3.19%, both at relatively low levels. ROE (Return on Equity) was 4.61%, indicating that the company’s shareholder return capacity still needs to be improved [0]. From the perspective of DuPont analysis, the decline in the company’s net profit margin is the main factor dragging down ROE.

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According to the cash flow statement data, Longke Intelligent’s operating cash flow fluctuates greatly. In 2022 and 2023, the company achieved operating cash flow of 351 million yuan and 224 million yuan respectively, with a good cash flow situation [0]. However, in 2024, operating cash flow turned negative, approximately -3.87 million yuan [0].

This change may be related to the increase in the company’s inventory and the slowdown in accounts receivable turnover. Data shows that the company’s accounts receivable turnover days increased from 86 days in 2022 to 101 days in 2024, while inventory turnover days decreased from 91 days to 86 days [0]. The acceleration of inventory turnover and the slowdown of accounts receivable turnover reflect that the company has made efforts in supply chain management, but faces certain pressure in customer credit period management.

Regarding the data mentioned by users that “cash flow surged by 1675%”, the accuracy of this statement cannot be verified through publicly available annual financial data. Investors are advised to refer to the financial data disclosed in the company’s official announcements.

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After consecutive declines in 2022 and 2023, the company’s revenue rebounded strongly in 2024. In 2024, the company’s revenue reached 1.623 billion yuan, a year-on-year increase of 21.7% [0]. This growth is mainly due to the recovery in demand for intelligent controller products and the expansion of new customers.

From the product structure perspective, the company’s main business covers intelligent controllers, inverters, motor drive systems, etc., which are widely used in home appliances, new energy vehicles, industrial automation and other fields. The return of revenue to the growth track in 2024 indicates that the company’s downstream demand is recovering.

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Longke Intelligent continues to maintain a high R&D investment intensity. In 2024, the company’s R&D expenses were 92.21 million yuan, accounting for 5.68% of revenue [0]. Although the absolute amount of R&D expenses decreased slightly compared to 93.58 million yuan in 2023, the proportion of R&D investment still remains at a high level, reflecting the company’s emphasis on technological innovation.

From the R&D direction, the company focuses on core areas such as intelligent control technology, motor drive technology, and new energy power electronics technology, which are the foundations of high-end applications such as robotics, industrial automation, and intelligent manufacturing.

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Regarding Longke Intelligent’s robotics business, it should be noted that according to public information, the company’s main business is not directly engaged in industrial robot整机 manufacturing. The company’s core products - intelligent controllers, motor drive systems, inverters, etc. - are important upstream components in the robotics industry chain and can be applied to various robot products such as industrial robots, collaborative robots, and service robots.

From the industry background, the Chinese robotics market is in a period of rapid development. According to relevant industry research, China’s industrial robot sales continued to grow in 2024, and the trend of domestic substitution is obvious [1]. As a supplier of intelligent control and drive systems, Longke Intelligent is expected to benefit from the development dividends of the robotics industry.

However, an objective analysis is needed:

1. Limited Business Proportion
   : The proportion of robotics-related business in the company’s revenue is not yet clear, and further disclosure by the company is needed.
2. Solid Technical Accumulation
   : The company’s technical accumulation in motor control and power electronics provides a foundation for entering the robotics track.
3. Competitive Landscape
   : The robot core component market is highly competitive, and the company faces non-negligible competitive pressure.

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From the valuation perspective, Longke Intelligent’s current P/E (rolling price-to-earnings ratio) is about 94.79 times, which is at a relatively high level [0]. The high valuation mainly reflects the market’s expectations for the company’s future growth, especially for emerging fields such as new energy and intelligent manufacturing.

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1. Performance Fluctuation Risk
   : The company’s profitability is relatively weak, with a net profit margin of only 3.19%, so performance fluctuations have a greater impact on the company.
2. Valuation Risk
   : The current P/E valuation is relatively high. If performance growth falls short of expectations, there is pressure for valuation correction.
3. Market Competition Risk
   : The intelligent controller and drive system market is highly competitive, and gross margin faces downward pressure.
4. Uncertainty in Robotics Business
   : The robotics business is difficult to become a major performance contributor in the short term.

: Investors are advised to pay attention to the company’s business expansion in emerging fields such as robot components and new energy vehicle electronics in 2025, as well as the progress of improvement in gross margin and net profit margin. For the robotics business, it is recommended to maintain rational expectations and focus on the company’s order acquisition and technological breakthroughs in related fields.

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[0] Jinling AI Financial Database - Longke Intelligent (300543.SZ) Financial Data
[1] Wall Street Journal - “Robots and AI Are Already Remaking the Chinese Economy” (https://www.wsj.com/tech/ai/ai-robots-china-manufacturing-89ae1b42)