2025-06-17-高盛-易合达自动化（301029）_亿禾达自动化（301029.SZ）_2025年展望略为保守_但长期海外扩张更为激进；维持买入_7页_454kb

Yiheda Automation (301029.SZ) is maintaining a "Buy" rating from Goldman Sachs, with a moderately conservative outlook for 2025 due to softer consumer electronics demand, though growth is supported by strong lithium battery and auto segments, aiming for 10-20% revenue increase. The company is aggressively expanding overseas, targeting 50% revenue from international markets by 2030, with a logistics hub in ASEAN and partnerships in Europe. Margins are recovering due to a shift to higher-margin orders, and the company has captured 15-20% market share, competing with Misumi. Valuation suggests an attractive price with a 12-month target of Rmb33.6, based on a 32x 2026E P/E, while risks include slower expansion, weak demand, or intense competition.