| 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5.36亿元，同比增长45.34%，环比下降 18.96%；实现归母净利润0.74亿元，同比增长20.47%，环比增长5.50%。公司2025一季度业绩 符合我们的预期。 2025Q1业绩符合预期，营收保持高速增长： 营收端，公司2025Q1实现营业收入5.36亿元，同比增长45.34%，环比下降18.96%。从主要下游 客户2025Q1表现来看：1、奇瑞汽车批发60.01万辆，环比下降27.42%；2、吉利汽车批发70.38 万辆，环比增长2.46%；3、上汽通用五菱批发35.30万辆，环比下降29.41%；4、长城汽车批发 25.68万辆，环比下降32.33%。毛利率方面，公司2025Q1单季度综合毛利率为27.94%，同比下 降2.74个百分点，环比提升1.38个百分点。期间费用方面，公司2025Q1期间费用率为14.36%， 同比提升2.22个百分点，环比提升4.59个百分点；其中，销售/管理/研发/财务费用率分别为 1.26%/4.60%/7.36%/1.15%，同比分别-1.00/+0.17/+2. ...

Core Viewpoint - The company reported its Q1 2025 earnings, showing a strong year-on-year revenue growth of 28.28%, although there was a quarter-on-quarter decline of 23.16%. The net profit attributable to the parent company also increased by 32.68% year-on-year, despite a 25.28% decline quarter-on-quarter, indicating overall performance in line with expectations [2][3]. Revenue Performance - In Q1 2025, the company achieved a revenue of 3.095 billion yuan, reflecting a year-on-year growth of 28.28% but a quarter-on-quarter decrease of 23.16%. The performance of major downstream customers included Chery Automobile with 600,100 units (down 27.42% QoQ), FAW-Volkswagen with 380,800 units (down 18.74% QoQ), and others, indicating that the company's revenue closely matched the sales changes of its key customers [3]. - The gross margin for Q1 2025 was 18.83%, a decrease of 0.81 percentage points year-on-year, primarily due to accounting policy adjustments. Adjusting for these changes, the gross margin actually improved by 0.27 percentage points year-on-year [3]. Cost and Profitability - The company’s expense ratio for Q1 2025 was 8.74%, down 1.50 percentage points year-on-year. The breakdown of expenses showed sales, management, R&D, and financial expense ratios at 0.37%, 2.25%, 6.01%, and 0.11%, respectively, with variations in each category [3]. - The net profit attributable to the parent company for Q1 2025 was 322 million yuan, representing a year-on-year increase of 32.68% and a quarter-on-quarter decrease of 25.28%, resulting in a net profit margin of 10.41%, which is an increase of 0.35 percentage points year-on-year [3]. Growth Drivers - The company is focusing on "product upgrades and customer expansion" as dual drivers for long-term growth. The LED headlights are being upgraded to ADB and DLP, enhancing the per-vehicle value. The ADB headlights have already been integrated with customers, and DLP headlights have secured projects, indicating a positive outlook for product upgrades [4]. - The company is also expanding its customer base beyond existing clients like FAW-Volkswagen and Chery, targeting luxury brands and new energy vehicle manufacturers, which are expected to contribute significantly to future growth [4]. Global Expansion - The company is gradually releasing capacity at its Serbia factory and has established subsidiaries in Mexico and the United States, indicating a commitment to global expansion and market diversification [5]. Financial Forecast - The company maintains its profit forecasts for 2025-2027, projecting net profits of 1.761 billion yuan, 2.189 billion yuan, and 2.683 billion yuan, respectively. Corresponding EPS estimates are 6.16 yuan, 7.66 yuan, and 9.39 yuan, with P/E ratios of 21.52x, 17.31x, and 14.12x for the same periods, respectively [6].

| 投资要点 | | --- | 业绩概览： 公司发布2025年一季报： 25Q1营收129.0亿元，同环比分别+13.0%/+13.8%，归母净利润3.1亿 元，同环比分别+13.3%/-43.1%，扣非后归母净利润2.9亿元，同环比分别+11.0%/-38.0%。Q1业 绩符合我们预期。 25Q1公司重卡上险量1.74万，同比+10.6%： 交强险数据口径下，25Q1公司国内销量1.74万，同比+10.6%，对应市占率11.3%，同环比分 别-0.3/+1.5pct，其中天然气/电车分别0.26/0.65万，占公司销量比分别15%/37%，24Q1占比分别 5%/49%，24Q4占比分别13%/22%。 25Q1毛利率同环比下滑，费用率持续压降： 25Q1公司毛利率为7.05%，同环比分别-0.7/-4.5pct，毛利率下滑主因25Q1：1）产品结构变化； 2）海外市场价格竞争激烈。25Q1销管研费用率分别 0.7%/0.6%/1.5%，合计费用率2.9%，同环 比分别-0.5/-0.5pct，费用率持续压降；净利率3.3%，同环比分别+0.1/-2.1pct。 展望： 出口+降本增效保障盈利，看好25年 ...

| 投资要点 | | --- | 事件： 2025Q1公司营收达16.66亿元，同比+1.41%/环比-5.99%，25Q1公司归母净利润达2.57亿元，同 比+10.94%/环比+30.11%；扣非归母净利润达2.36亿元，同比+6.64%/环比+19.01%。2025Q1业 绩略超我们的预期。 25Q1公司业绩略超预期，盈利能力强劲： 从公司上游原材料角度看，2025Q1中国A00铝锭市场均价为2.043万元/吨，同比+7.24%/环 比-0.98%，在铝锭价格同比上升的背景下，公司25Q1毛利率达28.73%，同比-0.94pct/环比 +5.01pct；25Q1净利率达15.45%，同比+1.33pct/环比+4.29pct，盈利能力强劲。费用率方面， 25Q1公司三费费用率达6.28%，同比+0.59pct/环比+0.16pct。其中销售费用/管理费用/财务费用 率分别同比-0.60pct/+0.79pct/-2.14pct，研发费用率同比+0.04pct。 卓尔博收购落地： 1）收购方案为：发行股份及支付现金购买资产并募集配套资金交易价格为11.18亿元，购买 71%的股权（卓尔博总计估值15.7 ...

| 投资要点 | | --- | 业绩概要： 公司发布2025年一季报，2025Q1实现营收143.4亿元，同环比分别-24.6%/+6.7%，归母净利润 0.29亿元，同环比-83.4%，扣非后归母净利润-2.2亿元，24Q1/24Q4分别为1.04亿/-6.36亿。 中重卡销量环比回升，估算单车收入同环比下滑： 25Q1公司总销量7.5万辆，同环比分别-4.3%/+26.6%；其中25Q1中重卡销量6.2万辆，同环比分 别-6.35/+11.0%，占总销量比的82.4%。估算单车收入23.2万元，同环比分别-19.6%/-3.9%，估 算单车净利润0.05万元，同环比分别为-82.3%/-89.9%，扣非单车净利润0.4万元。 毛利率同环比下滑，费用率环比压降： 25Q1公司毛利率为3.8%，同环比分别-1.6/-1.0pct。25Q1公司期间费用率5.5%，同环比分别 +0.4/-2.9pct，其中销售/管理/研发费用率分别 1.5%/2.3%/ 2.8%，同比分别+0.3/+0.3/-0.04pct，环 比分别+1.0/-2.5/-2.2pct，25Q1财务费用为-1.6亿元，财务费用率为-1.1%。 ...

| 投资要点 | | --- | 公告要点： 公司发布一季报， 25Q1实现营收148.0亿元，同环比分别+15.0%/+24.0%；归母净利润4.4亿 元，同比+70.1%，环比扭亏；扣非后归母净利润2.3亿元，同比+10.3%，环比扭亏。 25Q1重卡市占率大幅提升，单车均价上行： 25Q1公司中重卡销量3.6万辆，同环比分别+19.4%/+63.2%；并表销量14.7万辆，同环比分别 +6.2%/-12.7%。重卡销量来看，25Q1福田批发3.2万，市占率11.9%，同环比分别+4.3/+4.4pct， 其中内销1.6万，市占率10.2%，同环比分别+0.2/-0.8pct，出口0.6万，市占率8.4%，同环比分别 +3.8/+3.8pct。25Q1并表单车均价10.1万元，同环比+8.3%/+42.0%。 25Q1毛利率同环比下滑，费用率同环比压降： 25Q1毛利率10.9%，同环比分别-0.6/-1.9pct；25Q1销售/管理/研发费用率分别3.3%/2.5%/3.3%， 期间费用率9.0%，同环比分别-1.5/-1.6pct。 盈利预测与投资评级： 考虑25年重卡行业复苏，同时福戴亏损负面影响消 ...

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 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 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 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].