Core Viewpoint - The company reported a decline in performance for Q1 2025, with revenue of 5.768 billion yuan, a year-on-year increase of 1.40% but a quarter-on-quarter decrease of 20.43%. The net profit attributable to the parent company was 565 million yuan, down 12.39% year-on-year and 26.23% quarter-on-quarter [4]. Financial Performance Summary - Q1 2025 revenue reached 5.768 billion yuan, showing a year-on-year growth of 1.40% but a quarter-on-quarter decline of 20.43% [4]. - The net profit attributable to the parent company was 565 million yuan, reflecting a year-on-year decrease of 12.39% and a quarter-on-quarter decrease of 26.23% [4]. - The gross margin for Q1 2025 was 19.89%, down 2.53 percentage points year-on-year but up 0.08 percentage points quarter-on-quarter [4]. - The net profit margin for Q1 2025 was 9.80%, down 1.54 percentage points year-on-year and 0.77 percentage points quarter-on-quarter [4]. - The operating expense ratio for Q1 2025 was 10.51%, an increase of 1.18 percentage points year-on-year and 2.15 percentage points quarter-on-quarter [4]. - Breakdown of expense ratios: sales expenses at 1.19%, management expenses at 3.30%, financial expenses at 0.10%, and R&D expenses at 5.93% [4]. Market and Customer Analysis - The decline in performance for Q1 2025 was primarily influenced by some major downstream customers. Key customer performances included: - Tesla's global sales were 337,000 units, down 13.0% year-on-year - Geely's sales were 704,000 units, up 47.9% year-on-year - BYD's sales were 1,001,000 units, up 59.8% year-on-year - Seres' sales were 45,000 units, down 46.3% year-on-year - Li Auto's sales were 93,000 units, up 15.5% year-on-year - Zeekr's sales were 41,000 units, up 25.2% year-on-year - Xiaomi's wholesale sales were 76,000 units [5]. - Improvement is expected in Q2 2025 due to the completion of major customer production line adjustments in Q1 and the launch of the AITO M8, which is anticipated to significantly enhance Seres' performance [5]. Strategic Initiatives - The company has established strategic partnerships with clients, innovatively implementing a Tier 0.5 collaboration model to enhance efficiency and reduce costs for automakers while maintaining its competitive edge [6]. - The company has developed eight major product series, including automotive NVH damping systems, interior and exterior trim systems, lightweight body components, intelligent cockpit parts, thermal management systems, chassis systems, air suspension systems, and intelligent driving systems, with an average selling price (ASP) of approximately 30,000 yuan per vehicle [6]. - In robotics, the company is actively investing in core components such as electric drive actuators, dexterous motors, body structural parts, and reducers, leveraging strong synergies with its main business in R&D and testing resources [6]. Profit Forecast and Investment Rating - Despite the decline in Q1 2025 performance, the company expects improvements in downstream customer production lines and new product launches. The profit forecasts for 2025-2027 are 3.554 billion yuan, 4.460 billion yuan, and 5.652 billion yuan, respectively, with corresponding EPS of 2.04 yuan, 2.57 yuan, and 3.25 yuan, and P/E ratios of 25x, 20x, and 16x [7].

Core Viewpoint - The company reported a significant decline in net profit and investment income for Q4 2024, indicating challenges in the automotive market and the impact of asset impairment provisions [4][6]. Financial Performance Summary Q4 2024 Performance - Total revenue for Q4 2024 was 197.11 billion yuan, with a year-on-year decrease of 11% and a quarter-on-quarter increase of 35% [4]. - The company experienced a net loss attributable to shareholders of 5.24 billion yuan, with a non-recurring net loss of 6.46 billion yuan, both showing a shift to loss compared to previous periods [4]. - Wholesale sales for the company reached 1.364 million units, reflecting a year-on-year decrease of 17% but a quarter-on-quarter increase of 66% [5]. - The average selling price (ASP) per vehicle was 145,000 yuan, showing a year-on-year increase of 7% but a quarter-on-quarter decrease of 18% [5]. - The gross margin for Q4 2024 was 10.4%, remaining stable compared to the previous quarter [5]. Q1 2025 Performance - Total revenue for Q1 2025 was 140.86 billion yuan, with a year-on-year decrease of 2% and a quarter-on-quarter decrease of 29% [6]. - The net profit attributable to shareholders was 3.02 billion yuan, reflecting an 11% year-on-year increase [6]. - Wholesale sales for Q1 2025 were 945,000 units, showing a year-on-year increase of 13% but a quarter-on-quarter decrease of 31% [7]. - The gross margin for Q1 2025 was 8.1%, down by 1 percentage point compared to the previous quarter [7]. Investment Outlook - The company aims for a sales target of 4.5 million units in 2025, with a projected annual R&D investment of over 20 billion yuan [8]. - The net profit forecasts for 2025 and 2026 have been adjusted to 9.7 billion yuan and 12.8 billion yuan, respectively, down from previous estimates [8]. - The projected net profit for 2027 is 16.7 billion yuan, with corresponding price-to-earnings ratios of 19, 14, and 11 times for the respective years [8].

Core Viewpoint - The company reported a revenue of 18.854 billion yuan for 2024, representing a year-on-year increase of 9.33%, and a net profit attributable to shareholders of 1.252 billion yuan, up 10.63% year-on-year. The performance in Q4 2024 and Q1 2025 met expectations, with a focus on expanding lightweight and air suspension systems, as well as accelerating the development of its robotics business [2][3][6]. Financial Performance - In 2024, the company's revenue from various segments was as follows: air suspension systems (10.65 billion yuan, +29.52%), lightweight components (25.18 billion yuan, +30.95%), rubber business (40.60 billion yuan, +12.78%), cooling systems (50.72 billion yuan, -2.20%), and sealing systems (38.05 billion yuan, +4.72%) [3]. - For Q4 2024, the company achieved a revenue of 4.359 billion yuan, down 2.50% year-on-year and 9.68% quarter-on-quarter, with a net profit of 200 million yuan, down 21.84% year-on-year and 40.48% quarter-on-quarter. In Q1 2025, revenue reached 4.854 billion yuan, up 3.45% year-on-year and 11.37% quarter-on-quarter, with a net profit of 403 million yuan, up 11.52% year-on-year and 101.46% quarter-on-quarter [2][4]. Profitability and Cost Management - The gross margin for Q4 2024 was 24.52%, an increase of 1.22 percentage points year-on-year and 2.07 percentage points quarter-on-quarter. The net profit margin for Q4 2024 was 4.58%, down 1.13 percentage points year-on-year and 2.37 percentage points quarter-on-quarter. For Q1 2025, the gross margin was 23.32%, up 0.91 percentage points year-on-year and down 1.20 percentage points quarter-on-quarter, while the net profit margin was 8.29%, up 0.60 percentage points year-on-year and 3.71 percentage points quarter-on-quarter [4][5]. - The company reported a total asset impairment of 296 million yuan in 2024, primarily due to inventory write-downs and long-term equity investment impairments [5]. Business Expansion and Strategic Initiatives - The company is accelerating the introduction of air suspension systems into the domestic passenger car market, with total orders amounting to 15.2 billion yuan, including 1.7 billion yuan for assembly products. The robotics business, particularly humanoid robots, is a core strategic focus, with plans to expand into components like harmonic reducers and sensors [3][6]. - Strategic partnerships have been established with companies such as Wuzhou Xinchun and Efort to enhance the production capabilities of the company's robotics products [3]. Future Outlook - The company has adjusted its net profit forecasts for 2025 and 2026 to 1.589 billion yuan and 1.807 billion yuan, respectively, with expected earnings per share of 1.21 yuan and 1.37 yuan. The expansion in air suspension, lightweight components, and robotics is anticipated to provide sustainable growth [6].

Core Viewpoint - The company reported its 2024 annual results and Q1 2025 results, which met expectations, indicating a potential recovery in profitability driven by new product launches and reduced R&D expenses [2][4]. Financial Performance - In 2024, the company achieved revenue of 5.541 billion yuan, a year-on-year increase of 18.46%, with a net loss attributable to shareholders of 550 million yuan and a non-recurring net loss of 618 million yuan. For Q1 2025, revenue was 1.328 billion yuan, up 49.34% year-on-year but down 50% quarter-on-quarter, with a net loss of 120 million yuan, showing a narrowing of losses [2][4]. Business Segments - The electronic products segment generated revenue of 4.406 billion yuan in 2024, up 28.89% year-on-year, while the R&D services and solutions segment saw a decline of 14.02% to 1.060 billion yuan. The high-level intelligent driving solutions segment experienced significant growth, with revenue increasing by 431.57% to 65 million yuan [3]. New Product Development - The company completed its full coverage of vehicle electronic control products in 2024, establishing a product model that integrates distributed electronic control units, domain control products, and L4 integrated platforms. This development is expected to lead to mass production [3]. International Expansion - The company has established a factory in Malaysia, which is now operational and increasing its shipment volume. It continues to secure contracts with several international OEMs and Tier 1 suppliers, including Stellantis and Scania [3]. R&D Expenses and Profitability Outlook - R&D expenses grew by 7.3% year-on-year in 2024, but the R&D expense ratio decreased by 2 percentage points. The company anticipates that prior R&D investments will start contributing to revenue, potentially leading to a recovery in profitability [4]. Profit Forecast and Investment Rating - The company maintains revenue forecasts of 7.15 billion yuan for 2025 and 8.04 billion yuan for 2026, with expected growth rates of 29% and 13%, respectively. The net profit forecasts for 2025 and 2026 have been adjusted downwards to 2.3 million yuan and 17.4 million yuan, respectively. The company retains a "buy" rating due to the anticipated ramp-up of new electronic products [5].

Core Viewpoint - The company is experiencing significant financial challenges, with declining revenues and increasing net losses, but it is also taking steps to enhance its competitive position through fundraising and product development [3][4][6][7]. Financial Performance Summary - In Q4 2024, the company reported revenue of 4.694 billion yuan, representing a decrease of 6.3% quarter-over-quarter and 22.8% year-over-year. The net profit attributable to shareholders was -2.457 billion yuan, worsening from -2.148 billion yuan in Q4 2023 and -1.920 billion yuan in Q3 2024 [3]. - The Q1 2025 revenue was 3.773 billion yuan, showing a significant increase of 150.8% quarter-over-quarter but a decrease of 19.6% year-over-year. The net profit attributable to shareholders improved slightly to -0.953 billion yuan compared to -1.016 billion yuan in Q1 2024 [3][5]. Sales and Margins - In Q4 2024, the company sold 46,000 units, with a year-over-year increase of 23% and a quarter-over-quarter increase of 16%. The average selling price (ASP) was 102,000 yuan, down 23.8% year-over-year and 33.1% quarter-over-quarter [4]. - The gross margin for Q4 2024 was -22.01%, reflecting a decline due to accounting changes that impacted gross profit by 390 million yuan [4]. Cost Structure - The expense ratios for Q4 2024 were 6.33% for sales, 5.43% for management, and 14.12% for R&D, with variations in year-over-year and quarter-over-quarter comparisons [4]. Fundraising and Strategic Initiatives - The company plans to raise up to 6 billion yuan through a private placement to enhance its competitive strength. The funds will primarily support the development of new energy vehicle projects and AI-driven systems [6]. Profit Forecast and Investment Rating - Due to intensified industry competition, the company has revised its profit forecasts for 2025 and 2026, projecting net losses of -3.58 billion yuan and -1.02 billion yuan, respectively. However, a net profit of 1.31 billion yuan is expected in 2027, leading to a "buy" rating based on anticipated volume growth from the new product launches [7].

Core Viewpoint - The company reported its 2024 annual results and Q1 2025 results, which met expectations, indicating stable performance amidst market challenges [2]. Financial Performance - In 2024, the company achieved a total revenue of 168.85 billion yuan, a year-on-year increase of 0.15%, while the net profit attributable to shareholders was 6.69 billion yuan, down 7.26% year-on-year. The net profit excluding non-recurring items was 5.76 billion yuan, down 11.45% year-on-year. The gross profit margin for the year was 11.67%, a decrease of 0.78 percentage points, primarily due to downstream pressure and fluctuations in raw material costs [2]. - For Q1 2025, the company reported revenue of 40.37 billion yuan, with a quarter-on-quarter increase of 9.1% but a year-on-year decrease of 18.2%. The net profit attributable to shareholders was 1.27 billion yuan, with a quarter-on-quarter increase of 0.6% but a year-on-year decrease of 42.7% [2]. Customer Diversification - The company has been actively diversifying its customer base, with 62.2% of revenue in 2024 coming from customers outside the SAIC Group, mitigating the impact of declining sales from SAIC. Major non-SAIC customers include Tesla Shanghai, Seres, BYD, Geely, FAW-Volkswagen, Chery, Brilliance BMW, Changan, and GAC Passenger Cars. By the end of 2024, 75% of new orders were for new energy vehicles, and over 50% were from independent brands, with strong ties to leading independent and new force customers like BYD, Seres, and Chery [3]. Cost Control - The company achieved significant cost control, with R&D expenses down 13.1% year-on-year due to reduced ineffective investments, and sales expenses down 13.6% due to optimized logistics costs. Financial expenses increased by 436.9% year-on-year due to exchange losses, which are considered a short-term factor. The net profit margin for the year was 3.96%, a decrease of 0.3 percentage points, with the decline being less than the fluctuation in gross profit [4]. Cash Flow and Dividends - The operating cash flow for 2024 was 8.14 billion yuan, a year-on-year decrease of 28.1%, significantly impacted by the collection cycle. However, Q1 2025 saw a substantial improvement to 2.07 billion yuan, a year-on-year increase of 68.8%. The company plans to distribute dividends of 2.52 billion yuan in 2024, an increase from the previous year, with a payout ratio of 38% [6]. Profit Forecast and Investment Rating - The company maintains revenue forecasts of 173.1 billion yuan for 2025 and 182.6 billion yuan for 2026, with an expected revenue of 187.1 billion yuan in 2027, representing year-on-year growth rates of 2.5%, 5.5%, and 2.5%, respectively. Due to intense competition in the automotive market and significant supply chain cost pressures, the net profit forecasts for 2025 and 2026 have been revised down to 7.1 billion yuan and 7.7 billion yuan, respectively [7].

Core Viewpoint - The company reported its 2024 annual results and 2025 Q1 results, showing a mixed performance with revenue growth but a decline in net profit, indicating challenges in profitability despite revenue expansion [2][3]. Revenue and Profit Analysis - In 2024, the company achieved revenue of 1.774 billion, a year-on-year increase of 12.51%, but reported a net loss of 25 million, reversing from profit to loss [2]. - For Q1 2025, revenue reached 448 million, up 38.84% year-on-year but down 27.37% quarter-on-quarter, with a net profit of 13 million, reflecting a 2.17% increase year-on-year and a 6.32% increase quarter-on-quarter [2]. Business Segment Performance - The automotive sector generated 1.478 billion in revenue for 2024, accounting for 83.29% of total revenue, with a year-on-year growth of 29.7% and a gross margin of 18.64%, down 3.02 percentage points [3]. - The mobile communications segment saw revenue of 161 million, representing 9.08% of total revenue, but experienced a significant decline of 51.1% year-on-year [3]. - Precision metal components and automotive electronics contributed approximately 1.130 billion and 555 million in revenue, growing 27.75% and 33.76% respectively [3]. Cost and Expense Management - The company faced increased expense ratios in 2024 due to business scale expansion, with sales, management, financial, and R&D expense ratios at 2.51%, 12.04%, 1.21%, and 6.24% respectively, all showing year-on-year increases [3]. - In Q1 2025, the expense ratios improved, with sales, management, financial, and R&D ratios at 1.83%, 9.49%, 0.64%, and 5.76% respectively, indicating better cost control [3]. Strategic Developments - The company secured a long-term contract as a designated supplier for a well-known domestic automaker's electronic control air suspension system, with an estimated sales value of 1.08 billion over a 10-year project lifecycle [5]. - The company is expanding its international footprint by acquiring land in Mexico for 22.18 million RMB to enhance its production capabilities for the North American market [6]. Profit Forecast and Valuation - The company revised its net profit forecasts for 2025-2026 to 54 million and 73 million respectively, with an expected net profit of 98 million in 2027, reflecting growth rates of 36% and 34% for 2026-2027 [7]. - The corresponding price-to-earnings ratios for 2025-2027 are projected at 46x, 34x, and 26x, maintaining a "buy" rating [7].

| 黄细里 | Diskte | | --- | --- | | 刘力宇 | | | 需路 | | | 郭雨蒙 | | | 孙仁昊 | De vo | | 赖闊旭 | סטרונים | 未经许可，不得转载或者引用。 | 投资要点 | | --- | 公司公告： 公司2025Q1单季度实现营收为191.5亿元，同环比分别-27.9%/-50.3%；实现归母净利润7.5亿 元 ， 同 环 比 分 别 +240.6%/-60.8%； 实 现 扣 非 后 归 母 净 利 润 3.94 亿 元 ， 同 环 比 分 别 +244.3%/-78.2%。 2025Q1处于新品上市前期，业绩表现符合我们预期： 1）营收层面：Q1单季度问界品牌共交付4.53万辆，同环比分别-45.7%/-53.1%，主要原因为春 节假期影响&公司Q1处于新品切换期。其中M9交付2.33万台，同环比分别+117.4%/-51.6%， M7交付1.79万台，同环比分别-74.3%/-57.3%。公司产品销量结构持续改善，M9销量占比环比 +1.7pct，Q1单季度ASP提升至42.3万元（分母为AITO销量），同环比分别+32.6%/+6%。2） ...

| 投资要点 | | --- | 公告要点： 公司2025Q1实现营业收入98.18亿元，同环比分别-13.0%/-1.1%；归母净利润为-2.23亿元；扣非 后归母净利润 -2.87亿元（2024Q1为-0.11亿元，2024Q4为-25.1亿元）。 公司整体业绩符合我们预期： 1）2025Q1公司整体销量环比提升，毛利率环比改善。 公司Q1总销量为9.97万辆，同环比分 别-6.3%/+13.6%，其中乘用车销售3.29万台，同环比分别-15.2%/-6.9%，商用车Q1销售6.68万 台，同环比分别-1.3%/+27.5% 。行业竞争加剧背景下公司ASP为9.85万元，同环比分 别-7.1%/-13.0%。Q1单季度毛利率为10.03%，同环比分别-1.4/+2.3pct，环比增长较多原因包括 24Q4会计准则调整影响基数较低。 2 ） 费 用 率 ： 公 司 Q4 销 售 / 管 理 / 研 发 费 用 率 分 别 为 3.3%/5.7%/3.4% ， 同 比 分 别-0.6/+2.0/+0.3pct，环比分别+1.7/-0.0/-1.9pct。 3）投资收益： 公司Q4投资收益为-1.31亿元，亏损 ...

| 投资要点 | | --- | 公告要点： 公司公布2024年年报及2025年一季报，业绩符合我们预期。公司2024年实现营收46.97亿元，同 比+14.65%；归母净利润9.08亿元，同比+8.56%；扣非净利润8.69亿元，同比+15.25%。汽车技 术服务业务表现亮眼，收入同比+21.36%，装备制造业务受专用车市场景气度影响收入同 比-20.50%。 2025Q1实现营收8.87亿元，同比+0.62%，汽车技术服务业务实现收入 7.94 亿元， 同比增长11.45%；归母净利润1.78亿元，同比+6.29%；扣非净利润1.66亿元，同比+8.59%。 技术持续突破+试验场整合，新能源与智能网联布局深化： 2024年公司氢能产业化与装备业务实现"零突破"，公司依靠智能网联以及自动驾驶等前沿领域 技术优势，提升公司行业地位。此外，公司通过新增苏州阳澄半岛、成都中德试验场合作运营 权，控股南方试验场公司，整合试验场资源，场景测试能力进一步夯实。国际化层面，利用中 国中检国际化网络资源，与马来西亚、意大利机构签署合作协议，海外服务网络持续拓展。 双轮创新驱动，助推新兴业务发展： 能源动力事业部通过构建新能 ...