| 投资要点 | | --- | 营收方面，公司2025Q1实现营业收入2.03亿元，同比下降16.04%，环比下降21.44%。公司2025 年一季度营收同比下滑预计主要系清洗系统业务受合资车企客户销量下滑拖累。毛利率方面， 公司2025Q1单季度综合毛利率为32.22%，同比下降4.57个百分点，环比微降0.28个百分点。公 司2025年一季度毛利率同比有所下降，预计主要系对客户降价所致。期间费用方面，公司 2025Q1期间费用率为11.53%，同比提升3.63个百分点，环比提升1.37个百分点；其中，销售/管 理/研发/财务费用率分别为1.37%/7.63%/3.67%/-1.14%，同比分别+0.01/+2.50/+0.83/+0.29个百分 点。归母净利润方面，公司2025Q1实现归母净利润0.42亿元，同比下降35.48%，环比下降 16.71%；对应归母净利率20.61%，同比下降6.21个百分点，环比提升1.17个百分点。 公司在技术研发、成本控制、客户覆盖、产品拓展和产能布局等方面拥有核心竞争力： 技术研发： 公司在产品自主同步研发；产品试验；模具开发设计；智能化全自动产线自主研 发、设计及 ...

| 投资要点 | | --- | 公告要点： 公司公布2025年一季报，25Q1公司实现营收574.6亿元，同环比分别+1.9%/+6.9%，实现归母净 利 润 27.1 亿 元 ， 同 环 比 分 别 +4.3%/-9.7% ， 扣 非 后 归 母 净 利 润 24.8 亿 元 ， 同 环 比 分 别 +5.98%/-11.8%。 凯傲计提支出影响归母净利润4.72亿元： 根据一季报，25Q1凯傲增效计划计提支出14.65亿元，影响归母4.72亿元，加回后25Q1归母31.8 亿元，同环比分别+22.4%/+6.0%。根据凯傲公告，2025年全年增效计划预计计提2.4-2.6亿欧 元。 供应链降本持续释放利润，费用管控得当： 25Q1毛利率22.2%，同环比分别+0.5/-1.9pct，同比增长主因24Q2开始供应链降本效果持续体 现。25Q1公司销售/管理/研发费用率分别 5.6%/7.1%/3.55%，同比分别+0.3/+2.5/-0.2pct，环比 分别-0.6/+2.1/-0.35pct，其中25Q1管理费用40.9亿，同环比分别+56.6%/+50.4%，主因凯傲增效 计划支出影响。25Q1公司财 ...

未经许可，不得转载或者引用。 板块最新观点 板块观点重申： 5月优先AI智能化+机器人！优选【小鹏汽车+地平线】！ 节前节后发生了哪些重要变化？ 中美贸易战或趋于缓和是最大的外在环境变化。美国允许对进 口汽车零部件、在美国组装汽车的汽车生产商进行一定程度的补偿，或是美国这轮持续加征关 税后的"松动表现"，有助于大幅缓解此前市场对汽车因为中美贸易战持续升级所带来的三层担 忧：1）贸易战升级对汽车外需的影响；2）贸易战升级引发间接的汽车内需价格战；3）小米 事故引发智驾强监管。而假期期间美股特斯拉/港股汽车表现均较为强势，港股地平线/小鹏汽 车等领涨。 当前时点汽车板块如何配置？： 我们依然坚持看好2025年【AI智能化/机器人+红利风格】两条主线并存选股思路，5月看好AI 智能化/机器人反弹空间或更大。【AI智能化/机器人】是乘用车-零部件大板块核心矛盾。乘用 车板块：港股优选【小鹏汽车-W/理想汽车-W/小米集团-W】等，A股优选【赛力斯/上汽集团/ 比亚迪】等；零部件板块：智能化增量部件优选【地平线机器人-W/黑芝麻智能/德赛西威/华阳 集团/伯特利】，机器人/电动化部件【拓普集团/瑞鹄模具/爱柯迪/博俊科 ...

Core Viewpoint - The company reported stable financial performance for 2024 and Q1 2025, with revenue and net profit growth indicating a solid operational foundation and potential for future expansion in product categories [2][3][4]. Financial Performance Summary - In 2024, the company achieved revenue of 6.377 billion yuan, a year-on-year increase of 8.80%, and a net profit attributable to shareholders of 802 million yuan, up 22.66% [2]. - For Q4 2024, the company recorded revenue of 1.573 billion yuan, a year-on-year increase of 8.30%, and a net profit of 179 million yuan, reflecting a significant year-on-year growth of 56.03% [2][3]. - In Q1 2025, revenue was 1.593 billion yuan, a slight year-on-year increase of 0.22%, with net profit reaching 209 million yuan, up 7.10% [2][3]. Operational Stability - The company's Q4 2024 gross margin was 22.48%, down 2.65 percentage points year-on-year, while Q1 2025 gross margin was 27.68%, showing a minor decline of 0.17 percentage points [3]. - The period expense ratio for Q4 2024 was 4.78%, a decrease of 7.67% quarter-on-quarter, primarily due to reductions in management and financial expense ratios [3]. - The company recorded an asset impairment loss of 80 million yuan in Q4 2024, which slightly impacted quarterly performance [3]. Product Expansion and Growth Potential - The company has established itself as a global leader in sunshade products, holding over 40% market share in 2022, and is now expanding into headrest and ceiling products [4][5]. - The headrest business is expected to grow as the company increases its supply to major clients like Chrysler and Ford [4]. - The ceiling products, which share core manufacturing processes with sunshades, present significant market potential and are anticipated to contribute to revenue growth as new contracts are secured [5]. Profit Forecast and Investment Rating - The company's net profit forecasts for 2025 and 2026 have been adjusted to 927 million yuan and 1.091 billion yuan, respectively, with a new forecast for 2027 set at 1.280 billion yuan [6]. - Corresponding earnings per share (EPS) are projected at 0.56 yuan, 0.66 yuan, and 0.77 yuan for 2025, 2026, and 2027, with price-to-earnings ratios of 14.26, 12.12, and 10.33 [6]. - The expansion into new product categories is expected to enhance growth prospects, leading to a maintained "buy" rating for the company's stock [6].

Core Viewpoint - The company reported its Q1 2025 results, showing a year-on-year revenue growth of 15.05% and a net profit increase of 10.89%, indicating stable performance in a challenging market environment [2][3]. Financial Performance - In Q1 2025, the company achieved a revenue of 3.416 billion yuan, reflecting a year-on-year growth of 15.05% but a slight quarter-on-quarter decline of 2.31% [2][3]. - The net profit attributable to shareholders was 212 million yuan, up 10.89% year-on-year and 18.42% quarter-on-quarter, with a corresponding net profit margin of 6.22% [3]. - The comprehensive gross margin for Q1 2025 was 19.79%, showing a year-on-year decrease of 1.77 percentage points and a slight quarter-on-quarter decline of 0.45 percentage points [3]. Industry Insights - The domestic heavy truck industry saw wholesale sales of 265,000 units in Q1 2025, a quarter-on-quarter increase of 21% [3]. - The narrow definition of the domestic new energy passenger vehicle industry experienced wholesale sales of 2.8469 million units, down 34.13% quarter-on-quarter [3]. - The overall narrow definition of passenger vehicles had wholesale sales of 6.2761 million units, reflecting a quarter-on-quarter decline of 28.27% [3]. Strategic Advantages - The company focuses on enhancing its global R&D system, particularly in the field of new energy thermal management, leveraging its "1+4+N" product layout to capture market opportunities [4]. - The company adheres to an international development strategy, establishing production and technical service platforms in overseas markets to better serve global customers [4]. - The company's thermal management business for new energy vehicles includes partnerships with renowned electric vehicle manufacturers, benefiting from customer growth [4]. Profit Forecast and Valuation - The company maintains profit forecasts for 2025-2027, estimating net profits of 1.07 billion yuan, 1.309 billion yuan, and 1.567 billion yuan respectively, with corresponding EPS of 1.28 yuan, 1.57 yuan, and 1.88 yuan [6]. - The projected P/E ratios for 2025-2027 are 19.84x, 16.21x, and 13.54x, respectively, with a "buy" rating maintained [6].

未经许可，不得转载或者引用。 投资要点 本周复盘总结： 四月第4周交强险44.2万辆，环比上周/上月周度+16.9%/-6.4%。 本周SW汽车指数+0.5%，细分 板块涨跌幅排序: SW汽车零部件(+2.3%) >SW摩托车及其他(+1.8%) >SＷ商用载货车(+1.2%) >SW汽车(+0.5%)>重卡指数(+0.2%) > SW乘用车(-2.6%)> SW商用载客车(-3.5%) 。本周已覆盖 标的零跑汽车、耐世特、明阳科技、理想汽车-W、中鼎股份涨幅较好。 本周团队研究成果： 外发比亚迪、长安汽车、广汽集团、宇通客车、均胜电子、江淮汽车、沪 光股份、金龙汽车、华阳集团、中国汽研、长华集团、拓普集团、赛力斯、上汽集团、北汽蓝 谷、瑞玛精密、经纬恒润、中鼎股份、华域汽车、中国重汽、爱柯迪、一汽解放、福田汽车 2025一季报点评，德赛西威简报。 本周行业核心变化： 1） 4月小鹏共交付新车35045台车，同比增长273%； 2） 上汽集团2025Q1公司实现营业总收 入1,408.6亿元，同环比分别-2%/-29%；归母净利润30.2亿元，同比+11%；扣非后归母净利润 28.5亿元，同比+34%； 3） ...

| 投资要点 | | --- | 事件： 公司发布2024年年报及2025年一季报。2024年公司实现营业收入132.64亿元，同比增长 25.46%；实现归母净利润9.77亿元，同比增长21.24%。其中，2024Q4单季度公司实现营业收入 36.59亿元，同比增长12.47%，环比增长6.33%；实现归母净利润2.91亿元，同比增长19.00%， 环比增长5.87%。2025Q1公司实现营业收入35.19亿元，同比增长15.49%，环比下降3.82%；实 现归母净利润2.13亿元，同比增长4.44%，环比下降26.74%。公司2024Q4&2025Q1业绩符合预 期。 2024Q4&2025Q1业绩符合预期，公司经营整体稳健： 营收端，公司2024Q4实现营业收入36.59亿元，环比增长6.33%；2025Q1实现营业收入35.19亿 元，同比增长15.49%。整体看，受新项目放量+客户销量增长驱动，公司收入保持持续增长。 毛利率方面，公司2024Q4单季度毛利率17.48%，环比下降3.87个百分点，主要系会计政策变化 影响，还原后公司2024Q4毛利率环比稳定；公司2025Q1毛利率19.50%，同比 ...

未经许可，不得转载或者引用。 投资要点 发布会总结： 机器人是最大亮点，智能化+全球化是战略重点，电动化已走向成熟： 机器人： 小鹏-奇瑞-长安等多家车企首次展出了机器人，其中小鹏IRON关注度最高也最超预 期。 智能化： 紧跟Q1车企陆续宣布智驾平权，第三方供应商积极发布智驾新方案。车企智驾发布 会大部分都在Q1提前举办，车展更多是供应商方案：华为宣布开启高速场景L3商业化/发布 ADS4.0技术路线，地平线发布基于J6P的HSD城区辅助驾驶系统，小马发布第七代robotaxi车型 成本下降至30万元级别等。 全球化： 长城-奇瑞-比亚迪-上汽-小鹏-吉利-长安等车企重点宣传全球化，也趁车展之际举办全 球伙伴大会等。 电动化： 新车同质化愈加明显。大六座SUV或是竞争最激烈的赛道，其他细分市场也处于红海 竞争状态。 重点新车总结： 大六座SUV竞品较多，部分热门车型未亮相车展，合资电车开始发力。 中大型SUV新车较多：本届车展亮相/上市的旗舰SUV车型包括极氪9X/比亚迪Dynasty-D/乐道 L90/长安深蓝S09/广汽传祺向往S9等，多强调座椅舒适度、多屏智能化以及高阶辅助驾驶等。 部分重磅新车缺席车 ...

| 投资要点 | | --- | 事件： 公司发布2025年一季度报告。2025Q1公司实现营业收入50.37亿元，同比下降4.73%，环比下降 5.84%；实现归母净利润1.04亿元，同比大幅增长447.56%，环比扭亏为盈。公司2025Q1业绩符 合我们的预期。 2025Q1业绩符合预期，归母净利润同环比显著提升： 营收端，公司2025Q1公司实现营业收入50.37亿元，同比下降4.73%，环比下降5.84%，公司 2025Q1营收同比下滑预计主要系2024年下半年剥离北美TMD所致。毛利率方面，公司2025Q1 单季度毛利率为16.32%，同比提升1.64个百分点，环比提升3.32个百分点，盈利能力同环比均 有所提升。期间费用方面，公司2025Q1期间费用率为14.03%，同比下降0.43个百分点，环比提 升1.89个百分点；其中，销售/管理/研发/财务费用率分别为1.53%/8.05%/3.10%/1.35%，同比分 别+0.12/-1.09/+1.00/-0.45个百分点。归母净利润方面，公司2025Q1实现归母净利润1.04亿元， 同比大幅增长447.56%，环比扭亏为盈；对应归母净利率2.07% ...

Core Viewpoint - The company reported steady growth in revenue and net profit for 2024, with a focus on the electric drive gear market and industrial robot precision reducers, indicating strong long-term growth potential [2][4][5]. Financial Performance - In 2024, the company achieved revenue of 8.781 billion yuan, a year-on-year increase of 8.76%, and a net profit attributable to shareholders of 1.024 billion yuan, up 25.42% year-on-year [2]. - For Q4 2024, the company reported revenue of 2.039 billion yuan, a year-on-year decrease of 7.42%, and a net profit of 286 million yuan, a year-on-year increase of 25.96% [2][3]. - In Q1 2025, revenue was 2.065 billion yuan, a slight year-on-year decrease of 0.47%, while net profit was 276 million yuan, up 24.70% year-on-year [2][3]. Margin and Expense Analysis - The gross margin for Q4 2024 was 31.04%, an increase of 6.46 percentage points year-on-year, while Q1 2025 saw a gross margin of 26.82%, up 4.17 percentage points year-on-year [3]. - The expense ratio for Q4 2024 was 13.13%, up 2.92 percentage points from the previous quarter, primarily due to increases in management and R&D expenses [3]. Industry Position and Growth Potential - The company is positioned as a leader in the electric drive gear market, benefiting from the ongoing electrification of vehicles and a shift towards gear outsourcing [4]. - The company has developed a comprehensive range of precision reducers for industrial robots, which are critical components with significant value [4][5]. - The establishment of Ring Drive Technology and the acquisition of Sanduo Le are strategic moves to enhance the company's presence in the consumer gear market [5]. Profit Forecast and Valuation - The company maintains profit forecasts for 2025-2026 at 1.269 billion yuan and 1.557 billion yuan, respectively, with a new forecast for 2027 at 1.874 billion yuan [6]. - Corresponding EPS for 2025-2027 are projected at 1.50 yuan, 1.84 yuan, and 2.21 yuan, with P/E ratios of 22.50x, 18.34x, and 15.24x [6].