Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 71.41 CNY, based on a 37x PE for 2025 [2][4]. Core Views - The company's Q1 2025 performance showed a revenue of 1.466 billion CNY, down 9.15% year-on-year, and a net profit attributable to shareholders of 47 million CNY, down 79.35% [1][8]. - The decline in performance is attributed to a temporary slowdown in defense demand, high inventory levels, and increased production costs due to high raw material prices [8]. - Despite the short-term challenges, the company expects a recovery in profitability starting from Q2 2025, driven by improved defense demand and better revenue recognition [8]. Financial Summary - Revenue projections for 2025 to 2027 are 7.264 billion CNY, 8.423 billion CNY, and 9.674 billion CNY, respectively, with expected growth rates of 44.6%, 15.9%, and 14.9% [3][9]. - The company's net profit is projected to recover significantly, with estimates of 883 million CNY in 2025, 1.073 billion CNY in 2026, and 1.267 billion CNY in 2027, reflecting growth rates of 154.5%, 21.5%, and 18.1% [3][9]. - The gross margin is expected to stabilize around 38.1% to 38.2% from 2025 to 2027, while the net margin is projected to improve from 12.2% in 2025 to 13.1% in 2027 [3][9]. Inventory and Orders - The company's inventory remains high at 1.771 billion CNY as of Q1 2025, a 76.38% increase compared to the same period last year [8]. - There has been a significant increase in product orders, indicating a potential for improved output and customer satisfaction in the near future [8].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 78.12 CNY [4]. Core Views - The company's short-term performance is under pressure, but it is expected to improve as industry demand recovers [9]. - The company reported a revenue of 5.219 billion CNY in 2024, a decrease of 32.99%, and a net profit attributable to the parent company of 970 million CNY, down 63.83% [1][9]. - The first quarter of 2025 saw a revenue of 908 million CNY, down 10.45%, and a net profit of 59 million CNY, down 42.60% [1]. Financial Forecast and Investment Suggestions - Revenue growth rates have been adjusted downward due to industry demand and price control, with EPS for 2025 and 2026 revised to 2.52 CNY and 3.30 CNY respectively, and a new EPS for 2027 set at 4.08 CNY [2]. - The target price is based on a PE ratio of 31 times for comparable companies in 2025 [2]. Financial Information - The company’s revenue is projected to recover to 6.775 billion CNY in 2025, with a growth rate of 29.8% [3]. - The gross margin is expected to decline to 49.7% in 2024, down 9.65 percentage points, and further to 42.49% in Q1 2025, down 5.07 percentage points [9]. - The net profit margin is projected to improve gradually, reaching 22.3% by 2027 [3]. Company Overview - The company is positioned as a leading platform in military components, with significant growth potential through product diversification and industry chain extension [9]. - The company has been increasing inventory to meet order delivery requirements, indicating a recovery in industry demand [9].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 67.50 CNY, based on a projected PE ratio of 27 times for 2025 [3][6]. Core Insights - The company is experiencing significant growth in its smart electric control products, with new customer acquisitions contributing to this expansion [2]. - The financial performance for 2024 aligns with expectations, showing a revenue of 99.37 billion CNY, a year-on-year increase of 33.0%, and a net profit of 12.09 billion CNY, up 35.6% [9]. - The company is actively expanding its production capacity and exploring new markets, including intelligent driving and humanoid robotics [9]. Financial Performance Summary - Revenue projections for 2025-2027 are 130.11 billion CNY, 159.62 billion CNY, and 196.98 billion CNY, respectively, with growth rates of 30.9%, 22.7%, and 23.4% [5]. - The net profit for the same period is forecasted to be 15.18 billion CNY, 18.63 billion CNY, and 22.98 billion CNY, reflecting growth rates of 25.6%, 22.8%, and 23.3% [3][5]. - The company’s gross margin is expected to stabilize around 22.0% to 22.5% from 2025 to 2027 [5]. Customer and Market Expansion - The company has successfully added eight new clients, including notable names in the North American market, bringing the total client count to 50 [9]. - The company is focusing on enhancing its product offerings and has a robust pipeline of projects, with 430 projects under research and 309 new projects entering mass production [9]. Production Capacity and Future Plans - The company plans to increase its production capacity significantly, including 100,000 sets per year for floating calipers and 150,000 sets for EPB calipers by 2025 [9]. - The company is also exploring mergers and acquisitions in the intelligent chassis and driving sectors to create business synergies [9].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 8.82 CNY, based on an estimated EPS of 0.49 CNY for 2025 and a comparable company PE average of 18 times [3][6]. Core Insights - The company's gross margin is under short-term pressure, and it continues to deepen its collaboration with Huawei [2][9]. - The first quarter performance met expectations, with a revenue of 19.65 billion CNY, a year-on-year decline of 7.9%, and a net profit attributable to the parent company of -0.732 billion CNY, compared to 1.22 billion CNY in the same period last year [9]. - The company is accelerating the transformation of its joint venture brands towards electrification and intelligence, with significant new product launches expected to enhance market competitiveness [9]. - The company is pushing internal reforms for its self-owned brands and deepening cooperation with Huawei, aiming for a cost reduction of approximately 10% by 2025 [9]. Financial Summary - The company's projected financials for 2023A to 2027E show a revenue decline in 2024A to 106.798 billion CNY, followed by a recovery to 116.686 billion CNY in 2025E, with a CAGR of 7.9% from 2025E to 2027E [5][10]. - The gross margin is expected to improve from 5.8% in 2024A to 7.5% in 2027E, while the net profit margin is projected to stabilize around 3.7% by 2027E [5][10]. - The company anticipates a significant recovery in net profit attributable to the parent company, from 0.824 billion CNY in 2024A to 5.016 billion CNY in 2027E, reflecting a strong rebound in profitability [5][10].

金融工程 | 动态跟踪 Cubic size 风格登顶，3 个月盈利上下调因 子表现出色 ——东方因子周报 杨怡玲 yangyiling@orientsec.com.cn 研究结论 | 分红对期指的影响 20250425 | 2025-04-26 | | --- | --- | | FOF 专业买手偏好哪些基金之 2025Q1 季 | 2025-04-24 | | 报解析 | | | 盈余公告异象类因子改进与挖掘：——因 | 2025-04-22 | | 子选股系列之一一四 | | | 资金动向揭秘：ETF 投资者持仓变动全解 | 2025-04-18 | | 析 | | | ADWM：基于门控机制的自适应动态因子 | 2025-04-10 | | 加权模型：——因子选股系列之一一二 | | | DFQ-FactorVAE-pro：加入特征选择与环 | 2025-02-19 | | 境变量模块的 FactorVAE 模型：——因子 | | | 选股系列之一一一 | | 报告发布日期 2025 年 04 月 26 日 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 71.41 CNY, based on a 37x PE ratio for 2025 [2][4]. Core Insights - The company reported Q1 2025 revenue of 1.466 billion CNY, a decrease of 9.15% year-over-year, and a net profit attributable to shareholders of 47 million CNY, down 79.35% [1][8]. - The decline in performance is attributed to a temporary slowdown in defense demand, high inventory levels, and increased production costs due to elevated raw material prices [8]. - Despite the short-term challenges, the company expects a recovery in profitability starting from Q2 2025 as defense demand improves and revenue recognition stabilizes [8]. Financial Performance Summary - **Revenue Forecast**: Projected revenues for 2025 to 2027 are 7.264 billion CNY, 8.423 billion CNY, and 9.674 billion CNY, reflecting growth rates of 44.6%, 15.9%, and 14.9% respectively [3][9]. - **Net Profit**: Expected net profit for 2025 is 883 million CNY, with a growth rate of 154.5% compared to 2024 [3][9]. - **Earnings Per Share (EPS)**: Forecasted EPS for 2025 is 1.93 CNY, increasing to 2.35 CNY in 2026 and 2.77 CNY in 2027 [2][3]. - **Profitability Ratios**: The gross margin is expected to remain stable around 38.1% to 38.2% from 2025 to 2027, while the net margin is projected to improve from 12.2% in 2025 to 13.1% in 2027 [3][9]. Inventory and Orders - The company's inventory at the end of Q1 2025 was 1.771 billion CNY, a 76.38% increase year-over-year, indicating a buildup in stock due to the slowdown in demand [8]. - The company has seen a significant increase in product orders, which is expected to drive production and better meet customer needs moving forward [8].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 8.82 CNY, based on a projected EPS of 0.49 CNY for 2025 and a comparable company PE average of 18 times [3][6]. Core Insights - The company's gross margin is under short-term pressure, primarily due to a decline in sales and increased promotional expenses amid intensified market competition [2][9]. - The first quarter performance met expectations, with a revenue of 19.65 billion CNY, a year-on-year decrease of 7.9%, and a net profit attributable to the parent company of -0.732 billion CNY, compared to 1.22 billion CNY in the same period last year [9]. - The company is accelerating the transformation of its joint venture brands towards electrification and intelligence, with significant new product launches expected to enhance market competitiveness [9]. - The company is deepening its collaboration with Huawei, aiming to reduce costs by approximately 10% by 2025 through internal reforms and integration of its brands [9]. Financial Summary - The company's projected financials indicate a revenue of 128,757 million CNY for 2023, with a forecasted decline to 106,798 million CNY in 2024, followed by a recovery to 116,686 million CNY in 2025 [5][10]. - The gross margin is expected to improve from 6.0% in 2023 to 7.0% in 2025, while the net profit margin is projected to rise from 3.4% to 4.3% over the same period [5][10]. - The earnings per share (EPS) is forecasted to be 0.43 CNY in 2023, dropping to 0.08 CNY in 2024, and then recovering to 0.49 CNY in 2025 [5][10].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 44.66 CNY, based on a projected average PE of 29 times for comparable companies in 2025 [2][5]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 8.11 billion CNY, 10.12 billion CNY, and 12.53 billion CNY for the years 2025, 2026, and 2027 respectively, indicating a strong growth trajectory [2]. - The automotive electronics and precision die-casting businesses are continuously securing new projects, reflecting robust demand and expansion in these sectors [1][9]. - The company has made significant advancements in automotive electronics, launching various domain control products based on Qualcomm chip solutions, and is actively participating in customer project bids [9]. Financial Performance Summary - The company's revenue is projected to grow from 7,137 million CNY in 2023 to 17,273 million CNY by 2027, with a compound annual growth rate (CAGR) of 26.6% to 17.5% over the forecast period [4][10]. - The gross profit margin is expected to stabilize around 20.8% to 21.6% from 2025 to 2027, while the net profit margin is projected to improve from 6.5% in 2025 to 7.3% in 2027 [4][11]. - The return on equity (ROE) is anticipated to increase from 9.1% in 2023 to 15.0% by 2027, indicating enhanced profitability and efficient use of equity [4][11].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 79.53 CNY, based on an average PE valuation of 33 times for comparable companies in 2025 [3][6]. Core Views - The company continues to secure new orders and steadily advance its global expansion strategy, with significant growth in revenue and net profit projected for the coming years [2][10]. - The company is expected to achieve EPS of 2.41 CNY, 3.00 CNY, and 3.60 CNY for the years 2025, 2026, and 2027 respectively, reflecting a strong growth trajectory [3][10]. Financial Performance Summary - Revenue is projected to grow from 4,625 million CNY in 2023 to 11,188 million CNY in 2027, with year-on-year growth rates of 36.7%, 29.0%, 27.7%, 22.0%, and 20.3% respectively [5]. - The company's net profit attributable to the parent company is expected to increase from 609 million CNY in 2023 to 1,455 million CNY in 2027, with growth rates of 35.3%, 26.8%, 26.1%, 24.3%, and 20.2% [5]. - The gross margin is forecasted to remain stable around 29.2% to 29.3% over the next five years, indicating effective cost management [5][10]. Order and Market Expansion - The company has achieved significant revenue from its lighting control, motor control systems, and automotive electronics businesses, with respective revenues of 28.90 billion CNY, 9.65 billion CNY, and 8.84 billion CNY in 2024, showing year-on-year growth of 22.2%, 21.4%, and 15.8% [10]. - The company is actively pursuing a diversification strategy in its customer base, aiming to reduce reliance on major clients like Volkswagen while increasing sales to other automotive manufacturers [10]. Globalization Strategy - The company plans to enhance its global footprint by establishing manufacturing facilities in Europe and North America by mid-2025, which will support new projects and increase market share [10]. - The proportion of overseas projects in new designated projects reached 15% in 2024, with expected lifecycle sales accounting for over 60% [10].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 78.12 CNY [4]. Core Views - The company's performance is under short-term pressure, but it is expected to improve as industry demand recovers. In 2024, the company achieved revenue of 5.219 billion CNY, a decrease of 32.99%, and a net profit attributable to shareholders of 970 million CNY, down 63.83% [1][9]. - The first quarter of 2025 saw revenue of 908 million CNY, a decline of 10.45%, and a net profit of 59 million CNY, down 42.60% [1][9]. - The decline in revenue and profit is attributed to a slowdown in new orders and industry demand, but a recovery is anticipated starting from Q2 2025 [9]. Financial Summary - Revenue and Profit Forecasts: - 2023A: Revenue 7.789 billion CNY, Net Profit 2.683 billion CNY - 2024A: Revenue 5.219 billion CNY, Net Profit 970 million CNY - 2025E: Revenue 6.775 billion CNY, Net Profit 1.399 billion CNY - 2026E: Revenue 8.472 billion CNY, Net Profit 1.829 billion CNY - 2027E: Revenue 10.148 billion CNY, Net Profit 2.260 billion CNY [3][13]. - Earnings Per Share (EPS) Forecasts: - 2024A: 1.75 CNY - 2025E: 2.52 CNY - 2026E: 3.30 CNY - 2027E: 4.08 CNY [2][3]. - Gross Margin and Profitability: - 2024 gross margin is expected to decline to 49.7%, down from 59.3% in 2023 [3][9]. - Net profit margin for 2024 is projected at 18.6% [3]. Industry Position - The company is positioned as a leading platform in military components, with significant growth potential through product diversification and industry chain extension. The company has been expanding its product categories and enhancing its technological barriers [9]. - The increase in inventory levels indicates a positive outlook for industry recovery, with inventory at the end of Q1 2025 reaching 2.389 billion CNY, up 6.51% from the end of 2024 [9].