Core Viewpoint - The company reported a strong performance in Q1 2025, with revenue and net profit exceeding market expectations, indicating successful diversification and growth strategies [2][4]. Revenue Analysis - In Q1 2025, the company achieved revenue of 57.464 billion yuan, a year-on-year increase of 1.92% and a quarter-on-quarter increase of 6.94% [2]. - The engine supply volume was 38,000 units, down 17.98% year-on-year but up 15.57% quarter-on-quarter, while natural gas engine supply reached 25,200 units, down 17.67% year-on-year but up 55.07% quarter-on-quarter [2]. - The company's revenue growth occurred despite a decline in engine supply, reflecting successful diversification efforts [2]. Profitability Metrics - The net profit attributable to shareholders for Q1 2025 was 2.711 billion yuan, up 4.27% year-on-year but down 9.72% quarter-on-quarter [2]. - Adjusting for a provision of 472 million yuan from subsidiary KION GROUP AG, the adjusted net profit was 3.183 billion yuan, representing a year-on-year increase of 22.42% [2]. - The gross margin for Q1 2025 was 22.23%, with a slight year-on-year increase of 0.12 percentage points but a decrease of 1.92 percentage points quarter-on-quarter [2]. Expense Analysis - The expense ratios for sales, management, R&D, and financial costs were 5.63%, 7.12%, 3.55%, and -0.36%, respectively [2]. - Management expense ratio increased significantly due to provisions related to efficiency plans at KION, while financial expense ratio decreased due to increased foreign exchange gains [2]. Product Structure and Share Buyback - The company is optimizing its product structure, with steady growth in engines, vehicles, smart logistics, and agricultural equipment [3]. - The agricultural equipment segment saw a significant increase, with subsidiary Weichai Lovol achieving revenue of 17.393 billion yuan in 2024, up 18.38% year-on-year [3]. - The company announced a share buyback plan of no less than 500 million yuan and up to 1 billion yuan, reflecting management's confidence in the company's future [4]. Market Policy Impact - The expansion of the old-for-new vehicle policy by the Ministry of Transport and other agencies is expected to boost demand for natural gas heavy trucks [5]. - The policy now includes subsidies for natural gas heavy trucks and vehicles meeting the National IV emission standards, potentially driving an additional demand of approximately 76,000 units [5]. Investment Outlook - The company is positioned as a leader in the domestic engine sector, with projected revenues of 231.11 billion yuan, 241.61 billion yuan, and 248.86 billion yuan for 2025-2027 [6]. - Net profit attributable to shareholders is expected to reach 12.749 billion yuan, 14.226 billion yuan, and 15.445 billion yuan for the same period [6]. - The earnings per share (EPS) are projected to be 1.46 yuan, 1.63 yuan, and 1.77 yuan, with corresponding price-to-earnings (PE) ratios of 10, 9, and 9 times [6].

Event Overview - The company released its Q1 2025 report, achieving revenue of 619 million yuan, a year-on-year increase of 13.40%; net profit attributable to shareholders was 104 million yuan, up 30.42% year-on-year; and net profit excluding non-recurring items was 103 million yuan, an increase of 27.46% year-on-year [2]. Performance Exceeds Expectations - Revenue: In Q1 2025, revenue reached 619 million yuan, a year-on-year increase of 13.40% but a quarter-on-quarter decrease of 7.80%. The company has sufficient orders for synchronizers and differentials, supporting stable revenue growth [3]. - Profit: The net profit attributable to shareholders in Q1 2025 was 104 million yuan, a year-on-year increase of 30.42% and a quarter-on-quarter increase of 32.61%. The net profit excluding non-recurring items was 103 million yuan, up 27.46% year-on-year and 23.54% quarter-on-quarter. The gross profit margin for Q1 2025 was 32.15%, down 2.11 percentage points year-on-year and 1.44 percentage points quarter-on-quarter. Revenue growth, increased gross profit, and gains from the disposal of long-term equity investments drove significant growth in net profit [3]. - Expenses: In Q1 2025, the expense ratios for sales, management, R&D, and financial expenses were 0.78%, 5.36%, 5.27%, and 2.49%, respectively. Year-on-year changes were +0.13, -0.04, -0.95, and -1.69 percentage points, while quarter-on-quarter changes were +1.49, -3.13, -0.38, and -0.30 percentage points. The company continues to promote cost reduction and efficiency improvement, resulting in an overall decrease in expenses [3]. Business Growth Areas - Differential Business: In 2024, the differential business achieved revenue of 470 million yuan, a year-on-year increase of 72.80%, with a gross profit margin of 9.03%, up 11.68 percentage points year-on-year. The Luzhou base reached full production capacity of 5 million sets, with plans to build a capacity of 10 million sets by 2030, effectively covering major manufacturers of new energy vehicles [4]. - Synchronizer Business: In 2024, the synchronizer business generated revenue of 1.24 billion yuan, a year-on-year increase of 44.02%, with a gross profit margin of 33.65%, up 5.58 percentage points year-on-year. The company is a leader in the synchronizer industry, with significant technological advantages, supplying major domestic and international automotive manufacturers [4]. - Aerospace Components Business: In 2024, the aerospace components business achieved revenue of 283 million yuan, a year-on-year increase of 27.71%, with a gross profit margin of 47.91%, up 0.78 percentage points year-on-year. The company invested 300 million yuan in December 2024 to establish an "Intelligent Manufacturing Center for Aerospace Components" to optimize existing production lines and improve operational efficiency [4]. Strategic Initiatives - The company is accelerating its layout in the robot reducer sector, aiming to create a second growth curve. In September 2024, the company signed an agreement with the People's Government of Bishan District, Chongqing, to jointly develop a robot industry ecosystem, with a total investment of 1 billion yuan for the construction of production lines for new energy vehicle planetary reducers and high-precision industrial planetary reducers [5]. The wholly-owned subsidiary, Chongqing Haoneng, is building a "Core Components of Intelligent Manufacturing Project" and is expanding into high-precision reducers and joint drive assemblies [5]. Financial Projections - The company is expected to generate revenues of 3.015 billion yuan, 3.599 billion yuan, and 4.131 billion yuan from 2025 to 2027, with net profits attributable to shareholders of 432 million yuan, 541 million yuan, and 695 million yuan, respectively. Corresponding EPS is projected to be 0.52 yuan, 0.65 yuan, and 0.83 yuan, with PE ratios of 26, 21, and 16 times, respectively [7][9].

0 1 事 件 概 述 公司披露2025年一季度报告，2025年一季度营收129.08亿元，同比+12.97%；归母净利润3.10亿元，同比 +13.26%；扣非归母净利2.92亿元，同比+11.01%。 0 2 分 析 判 断 ► 2025Q1业绩符合预期 营收持续增长 1 ）营收端 ： 2025Q1 营收 129.08 亿元，同比 +12.97% ，环比 +13.80% ，符合预期。 2025Q1 我国重 卡批发销量为 26.50 万辆，同比 -2.71% ，环比 +20.99% ；集团实现销量 7.42 万辆，同比 -3.17% ，环 比 +32.34% ，公司营收同比增速优于行业。 2 ）利润端 ： 2025Q1 公司实现归母净利润 3.10 亿元，同比 +13.26% ，环比 -43.13% ，环比下滑系季节性影响。公司 2025Q1 毛 利 率 为 7.05% ， 同 环 比 分 别 -0.82pct/-4.49pct ，我们认为同环比均下滑系出口业务占比变化及产品结构变化所致。公司净利率为 3.33% ，同环比分别 +0.12/-2.12pct ，盈利能力在毛利率同比下滑的情况下逆势提升，公司控 ...

0 1 事 件 概 述 公司披露2024年年度报告和2025年第一季度报告：1）2024年度实现营收70.25亿元，同比+19.12%；归母 净利润3.03亿元，同比-20.14%；扣非归母净利润2.52亿元，同比-14.00%；2）2025Q1营收19.05亿元， 同比+28.46%；归母净利润0.95亿元，同比+39.99%；扣非归母净利润0.82亿元，同比+25.12%。 0 2 分 析 判 断 ► 2 024Q4业绩承压 2025Q1业绩符合预期 1 ）收入端： 公司 2024Q4 营收 19.99 亿元，同比 +14.71% ，环比 +8.46% ； 2025Q1 营收 19.05 亿 元，同比 +28.46% ，环比 -4.69% ，营收同比实现增长系重点客户销量增长所致： 2025Q1 理想汽车交付 92,864 辆，同比 +15.50% ，环比 -41.48% ； 2 ）利润端： 公司 2024Q4 归母净利润 0.54 亿元，同比 +34.71% ，环比 -46.20% ，受到股权激励费用及海运费影响业绩短期承压； 2025Q1 归母净利润 0.95 亿 元 ， 同 比 +39.99% ， ...

01 事件概述 02 分析判断 ► 2025Q1营收、ASP环比明显改善 收入端， 2024Q4营收同比-11.0%，环比+35.2%，2024Q4集团销量136.4万辆，同比-15.4%，环比+65.8%，销量环比提升驱动营收环比改善，营收增速环比低于销量增速主要 系ASP下滑。2025Q1总营收1,408.6亿元，同比-1.5%，环比-28.5%；2025Q1集团销量94.5万辆，同比+13.3%，环比-30.7%，受益批发销量改善、ASP环比提升及华域收入提 升，营收增速环比好于销量增速 。 ASP： 2024Q4/2025Q1单车ASP为9.8/10.1万元，同比分别+5.4%/-13.1%，环比分别-18.5%/+3.1%，ASP 提升主要受售价偏高的新能源产品 占比提升驱动。 ► 2024Q4上汽通用减值影响利润 2025Q1规模效应驱动盈利改善 毛利端 ： 2024Q4/2025Q1 毛利率 11.6%/10.2% ，同比 -0.3/-1.2pct ，环比 0.0%/-1.4pct ， 2024Q4 毛利率下滑主要系 Q4 将相关保证类产品质保费自销售费用重分类至营业成 本，规模效应驱动毛利改善 ...

01 事件概述 公司披露2025年一季报：2025Q1实现营收50.4亿元，同比-4.7%/环比-5.8%；归母净利1.0亿元，同比+449.5%/环比扭亏为盈；扣非归母净利0.9亿元，同比+453.1%/环 比扭亏为盈。 02 分析判断 ► 2025Q1利润超预期 业绩步入释放期 公司2025Q1利润同比+449.5%/环比扭亏为盈，我们分析原因主要为格拉默业绩扭亏为盈，业绩逐渐步入释放期，根据公告，格拉默2025Q1实现归属于上市公司股东的 净利润为6,540万元、同扭亏为盈、同比提升10,680万元，格拉默业绩的释放主要得益于公司"Top 10"计划实施的重组措施正在逐步显现成效，此前公司针对EMEA地区 产能做了针对性调整，以适应当地市场环境，且前瞻性与安贝格生产基地达成劳资协议，也对业绩产生了积极的推动作用。 ► 智能电动突围 座椅国产替代空间广阔 公司先后于2021年10月、2022年7月、2022年11月获得三家新能源主机厂座椅总成项目定点，在乘用车座椅业务领域实现从0到1的突破并快速拓展，后陆续获得多个座 椅定点。2023年5月乘用车座椅业务实现量产，5-12月累计交付6.5万套，实现营收6. ...

01 事件概述 公司披露 2024 年度报告和 2025 年第一季度报告：1）2024 年度实现营收 55.41 亿元，同比+18.46%；归母净利润-5.50 亿元，亏损同比增加 3.33亿元；扣非归母净利润-6.18 亿 元，亏损同比增加 3.35 亿元；2）2025Q1 营收13.28 亿元，同比+49.34%，环比-33.43%；归母净利润-1.20 亿元，亏损同比减少 0.72 亿元，亏损环比减少 0.20 亿元；扣非归母 净利润-1.34 亿元，亏损同比减少 0.85 亿元，亏损环比减少 0.09 亿元。 02 分析判断 ► 营收持续增长 汽车电子业务快速放量 收入端： 得益于电子产品业务快速放量，尤其是车身域控、新能源、智能辅助驾驶等业务的快速发展，公司营收持续增长。2024 年度实现营收 55.41 亿元，同比+18.46%，其 中电子产品业务/研发服务及解决方案业务/高级别智能驾驶解决方案业务营收分别同比+28.89%/-14.02%/+431.57%。2024Q4 营收 19.95 亿元，同比+9.68%，环比+31.34%； 2025Q1 营收 13.28 亿元，同比+49.34%，环比 ...

01 事件概述 公司披露2025年一季报：2025Q1实现营收57.7亿元，同比+1.4%/环比-20.4%；归母净利5.7亿元，同比-12.3%/环比-26.2%；扣非归母净利4.9亿元，同比-18.4%/环 比-21.0%。 02 分析判断 ►2025Q1业绩短期承压 新产品、新客户持续突破 公司2025Q1营收同比+1.4%/环比-20.4%，归母净利润同比-12.3%/环比-26.2%，业绩短期承压，我们分析主要原因系：1）核心客户销量表现一般，其中特斯拉2025Q1 交付量33.7万辆，同比-13.0%/环比-32.1%；赛力斯2025Q1销量4.5万辆，同比-47.2%/环比-53.1%；2）增速较低的情况下，公司固定资产的折旧摊销费用一般保持相对 刚性，影响毛利率水平，跟踪2025Q1毛利率为19.9%，同比-2.5pct。未来展望公司重点客户销量逐渐回升，热管理核心业务优势持续加强，电驱系统开始交付产品，且 国际化战略布局不断加速，短期承压不改长期持续增长。 公司2025Q1毛利率达19.9%，同比-2.5pct/环比+0.1pct。费用方面，2025Q1公司销售费用率、管理费用率、研发费用率 ...

01 事件概述 公司披露2024年年报及2025年第一季度报告，公司2024年全年营业收入为62.5亿元，同比+22.5%，归母净利润为1.2亿元，同比+128.2%，位于此前业绩预告中枢偏 下位置；公司2025Q1实现营业收入12.7亿元，同比-14.2%，环比-17.8%，归母净利润0.04亿元，同比-93.7%，环比-78.2%。 02 分析判断 ► 2024Q4盈利改善 2025Q1百炼业绩承压。 1）营收端： 公司2024Q4营收为15.5亿元，同比+20.6%，环比-5.0%，增长主要原因为核心客户赛力斯、理想销量稳健向上及新项目量产爬坡。2025Q1营收为12.7 亿元，同环比下降，源自核心客户赛力斯处于车型迭代周期，单季度销量同比/环比分别下降42.5%/57.2%，叠加百炼欧洲和墨西哥工厂客户订单减少，对公司营收造 成负面影响； 2）利润端： 公司2024Q4归母净利润为0.2亿元，同比大幅增长原因为车身结构件放量及百炼集团回暖，公司2025Q1毛利率下滑至13.4%（同 比-3.2pcts），主因为欧洲能源价格（欧洲天然气均价1,441万美元/吨，同比+64.6%，环比+6.2%）大幅上涨 ...

► 中大排摩托车走向全球 全地形车新品周期强劲。 1）燃油摩托车： 150SC、675SR等新品陆续上市，完善产品体系，2024年累计销售两轮车28.7万辆，实现营收60.4亿元，同比增长37.1%，ASP为2.1万元，同比微 降，高端化、全球化成效愈发显著。分市场来看，两轮内销14.3万台，营收30.9亿元，同比+44.4%，>200CC跨骑摩托车销量登顶行业第一；出口14.3万台，营收 29.4亿元，同比+30.2%； 2）全地形车： 核心产品矩阵全面焕新， 中高端新品U10PRO等凭借卓越性能与创新设计成为市场焦点 ，推动业务高弹性增长。2024年公 司全地形车销售16.9万辆，营收72.1亿元，同比+10.9%，ASP为4.3万元。看好公司依靠产品线扩充、性价比优势持续提升市场份额，打开成长空间。 ► 股权激励绑定核心人才 保障公司长远发展。 01 事件概述 公司发布《向不特定对象发行可转换公司债券预案》： 拟次向不特定对象发行可转换公司债券拟募集资金总额不超过25.0亿元，扣除发行费用后募集资金净额将用 于： （1）投资年产300万台套摩托车、电动车及核心部件研产配套新建项目，项目总投资额35.0亿 ...