业绩简评 2025 年 4 月 23 日，公司发布 2025 年一季报公告：25Q1 单季度收 入 55.06 亿元，同比+24.3%，归母净利润 3.62 亿元，同比+68.3%， 扣非归母净利润 2.51 亿元，同比+132.4%。25Q1 公司毛利率 18.54%，同比-0.89pct，环比+3.37pct。我们认为归母口径好于市 场预期，扣非口径基本符合市场预期，归母与扣非的 1.11 亿元的 差值主要为政府补助。 经营分析 （1）玻纤：传统业务淡季不淡、基本面改善，Low-Dk 需求快速扩 张。①单价方面，25Q1 全国缠绕直接纱 2400tex 均价为 3766 元/ 吨，同比+22.3%、环比+2.3%，价格环比继续修复，主因高端品风 电纱、热塑长协产品提价，风电纱产品复价预计 25Q1 逐步落地。 ②销量方面，参考卓创资讯库存数据，5Q1 期末行业库存为 79.8 万吨，环比 24Q4 末增加 1.95 万吨、垒库幅度仅 2.5%，我们预计 行业呈现淡季不淡的特征。③盈利能力方面，考虑到公司整体归母 净利同比+68%、扣非归母净利同比+134%，公司玻纤收入/利润占比 较高，同时结合行业其他头 ...

业绩简评 2025 年 4 月 23 日，公司发布 2024 年报，24 年公司实现收入 26.94 亿元，同比+0.43%，归母净利润 5.17 亿元，同比-12.31%，扣非 后归母净利润5.05亿元，同比-10.81%；单24Q4公司实现收入5.29 亿元，同比-16.82%，归母净利润 0.62 亿元，同比-44.42%。 经营分析 业绩短期承压，政策拉动内需有望企稳回升。24 年公司实现收入 26.94 亿元，同比+0.43%，其中国内收入为 17.79 亿元，同比 -4.89%。受内需较弱影响，24 年公司归母净利润为 5.17 亿元，同 比-12.31%，利润短期承压。25 年 1 月国家发展改革委发布《关于 2025 年加力扩围实施大规模设备更新和消费品以旧换新政策的通 知》，加大实施设备更新贷款贴息，并加大对个人消费者在开展旧 房装修等过程中购置所用物品补贴力度。家具企业有望借此机会 参与设备更新，在国家政策的支持、消费市场动能拉动下，实现 设备自动化升级，家具机械内需有望筑底回暖。公司作为国内家 具机械头部厂商，业绩有望迎来共振向上。 高毛利的海外业务有望持续带动利润释放。公司积极拓展海外 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a revenue of 2.694 billion yuan in 2024, a year-on-year increase of 0.43%, while the net profit attributable to the parent company was 517 million yuan, a decrease of 12.31% year-on-year [2] - The company is expected to benefit from national policies aimed at boosting domestic demand, which may lead to a stabilization and recovery in performance [2] - The overseas business continues to grow, with revenue reaching 915 million yuan in 2024, an increase of 12.68% year-on-year, and a significantly higher gross margin compared to domestic operations [3] - The company has a high self-manufacturing rate of core components exceeding 70%, which enhances product quality and shortens delivery times, contributing to long-term competitiveness [3] Summary by Sections Performance Overview - In 2024, the company reported a revenue of 2.694 billion yuan, with domestic revenue at 1.779 billion yuan, down 4.89% year-on-year [2] - The net profit attributable to the parent company was 517 million yuan, reflecting a decline of 12.31% year-on-year [2] Operational Analysis - The company is expected to leverage government policies to enhance domestic demand, particularly in the furniture machinery sector, which may lead to an upward performance trend [2] - The overseas market expansion is a key growth driver, with a gross margin of 36.70% for overseas operations compared to 29.89% domestically [3] - The company is diversifying its product offerings through acquisitions and new subsidiaries, enhancing its competitive edge [3] Profit Forecast and Valuation - Revenue projections for 2025-2027 are 3.008 billion yuan, 3.450 billion yuan, and 3.973 billion yuan, respectively, with net profits expected to be 608 million yuan, 720 million yuan, and 841 million yuan [4] - The corresponding price-to-earnings (P/E) ratios are projected to be 12, 10, and 8 times for the respective years [4]

业绩简评 2025 年 4 月 23 日，公司发布 2024 年年报及 2025 年一季报。2024 全年公司实现营业收入 188.87 亿元，同比+116.26%；实现归母净 利润 27.64 亿元，同比+69.18%；2025 年一季度实现营业收入 40.99 亿元，同比+58.95%，实现归母净利润 7.08 亿元，同比+22.42%， 业绩超预期。 经营分析 回款及在手订单情况好于预期，现金类资产充足保障公司经营： 2025 年一季度公司经营性现金流 8 亿元，较上年同期转正，同比 +710%，下游客户回款情况优于市场预期；2024 年底，公司合同负 债为 131 亿元，25Q1 末合同负债为 121 亿元，行业扩产增速趋缓 背景下仅较 2024 年底下降 8%，侧面反映公司在手订单充足，后续 收入确认规模有所保障；截至 2025 年一季度末，公司货币资金及 交易性金融资产合计超 105 亿元，现金类资产充裕，有效强化公 司经营韧性，保障公司穿越行业周期底部。 光伏、锂电、半导体装备多点突破，全球化布局加快推进：2024 年 公司研发投入 6.5 亿元，同比+39%，光伏各技术路线产品持续获 得进展， ...

Investment Rating - The report gives a "Buy" rating for the company with a target price of 26 CNY based on a 20X PE for 2026 [4] Core Views - The company is positioned as a leader in high-density lithium iron phosphate (LFP) batteries and is expected to see continuous growth in both volume and profit due to its dual business model of iron-lithium and automotive components [2] - The automotive components business is rapidly expanding, with significant revenue growth projected in the coming years, supported by a broad customer base [3] - The company is also venturing into robotics, specifically joint modules, which positions it advantageously in a growing market [3] Summary by Sections High-Density Lithium Iron Phosphate - The company is a leading player in the high-density LFP sector, benefiting from industry trends towards higher energy density and fast charging capabilities [2] - Supply-demand dynamics are expected to tighten from 2025 to 2026, leading to a premium pricing of over 2000 CNY/ton for the fourth generation of high-density LFP compared to the third generation [2] - The company has a unique position in the market due to its exclusive use of oxalic acid iron technology, which enhances product performance [2] - Market share is projected to increase from 3% in 2024 to 5% in 2026, with expected shipments of 117,000 tons, 270,000 tons, and 420,000 tons for 2024, 2025, and 2026 respectively, alongside improving gross margins [2] Automotive Components - The company serves over 60 major automotive clients, including BYD and Huawei, with significant revenue growth anticipated in the automotive components segment [3] - Revenue projections for the automotive components segment are 3.6 billion CNY, 4.6 billion CNY, and 5.7 billion CNY for 2024, 2025, and 2026 respectively, with corresponding gross margins of 25%, 23%, and 21% [3] - The company plans to raise up to 1.25 billion CNY through convertible bonds to fund expansion in automotive and robotics businesses [3] Robotics - The company is developing robotic joint assemblies, with initial production already underway and plans for mass supply by 2025 [3] - Partnerships with key players in the automotive sector position the company as a core supplier for domestic robotic manufacturers [3] Profit Forecast and Valuation - The company is expected to achieve net profits of 400 million CNY, 960 million CNY, and 1.6 billion CNY for 2024, 2025, and 2026 respectively, marking a significant turnaround from previous losses [4] - The projected revenue for the company is set to recover to 8.04 billion CNY in 2024, with further growth to 14.54 billion CNY and 20.80 billion CNY in 2025 and 2026 respectively [7]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future growth [6][14]. Core Insights - The company reported a revenue of 5.67 billion RMB for 2024, reflecting a year-on-year growth of 45.33%, while the net profit attributable to shareholders decreased by 47% to 336 million RMB [2]. - The cross-border e-commerce segment showed strong performance, with revenue reaching 2.03 billion RMB, a growth of 14.28%. The independent site revenue grew by 22.04% to 819 million RMB, indicating a shift towards higher consumer spending on customized products [3]. - The overseas warehouse business experienced significant growth, with revenue increasing by 154.76% to 2.42 billion RMB. The company expanded its operations to the UK, Canada, and Germany, increasing its warehouse area by 128.63% [4]. - The company is positioned as a leading player in the cross-border e-commerce sector, benefiting from the rising penetration of its product categories and the expansion of its overseas warehouse capabilities [5]. Summary by Sections Performance Review - For 2024, the company achieved a revenue of 5.67 billion RMB, a 45.33% increase year-on-year, while the net profit attributable to shareholders was 336 million RMB, down 47% [2]. Operational Analysis - The cross-border e-commerce segment generated 2.03 billion RMB in revenue, with independent site sales growing significantly. The average spending per buyer on independent sites was nearly double that on platforms like Amazon [3]. - The overseas warehouse segment reported a revenue of 2.42 billion RMB, with a substantial increase in operational capacity and service to over 1,175 foreign trade enterprises [4]. Profit Forecast and Valuation - The company is expected to continue its growth trajectory, with projected net profits of 385 million RMB, 435 million RMB, and 522 million RMB for 2025, 2026, and 2027, respectively. The current price-to-earnings ratios are estimated at 13, 11, and 9 times for the same years [6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future growth [6]. Core Insights - The company reported a revenue of 5.67 billion RMB for 2024, reflecting a year-on-year growth of 45.33%, while the net profit attributable to shareholders decreased by 46.99% to 336 million RMB [2][11]. - The cross-border e-commerce segment showed strong performance, with revenue from independent sites reaching 2.03 billion RMB, a growth of 14.28%, and the company's own brand sales accounting for 73.84% of main business revenue [3]. - The overseas warehouse business experienced rapid growth, with revenue increasing by 154.76% to 2.42 billion RMB, and the company now operates 21 self-owned overseas warehouses with a total area of 662,100 square meters [4]. - The company is positioned as a leading player in the cross-border e-commerce sector, benefiting from category penetration and the expansion of its overseas warehouse operations [5]. Summary by Sections Performance Review - For 2024, the company achieved a revenue of 5.67 billion RMB, up 45.33% year-on-year, with a net profit of 336 million RMB, down 46.99% [2][11]. Operational Analysis - The cross-border e-commerce segment generated 2.03 billion RMB in revenue, with independent site sales growing by 22.04% to 819 million RMB [3]. - The overseas warehouse segment reported a revenue of 2.42 billion RMB, marking a 154.76% increase, and the company processed over 11 million packages in 2024 [4]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders is 385 million RMB in 2025, 435 million RMB in 2026, and 522 million RMB in 2027, with corresponding P/E ratios of 13, 11, and 9 [6].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5]. Core Insights - The company reported a significant revenue growth of approximately 165% to 170% year-on-year for Q1 2025, surpassing expectations, with domestic revenue increasing by 95% to 100% and overseas revenue soaring by 475% to 480% [2][3]. - The company's strategy of "dual improvement in quality and efficiency" is validated by strong domestic performance, driven by innovative IP products and successful collaborations [3]. - The overseas market is experiencing explosive growth, particularly in the Americas and Europe, indicating effective strategic expansion [3][4]. Summary by Sections Performance Review - Q1 2025 revenue growth is reported at 165% to 170% year-on-year, with domestic revenue up by 95% to 100% and overseas revenue up by 475% to 480% [2]. Operational Analysis - Domestic market performance is strong, with offline revenue increasing by 85% to 90% and online revenue by 140% to 145%, driven by innovative marketing strategies [3]. - Overseas revenue growth is highlighted, with Asia-Pacific up by 345% to 350%, the Americas by 895% to 900%, and Europe by 600% to 605%, confirming the effectiveness of the company's strategic focus on these regions [3]. IP Development and Monetization - The company is enhancing its global organizational structure to support regional strategies, which is expected to facilitate mid-term growth [4]. - The establishment of a supply chain in Vietnam is anticipated to mitigate tariff impacts and strengthen the pricing power of IP products [4]. Profit Forecast and Valuation - The adjusted net profit forecasts for 2025, 2026, and 2027 are 6.36 billion, 8.59 billion, and 11.06 billion yuan respectively, with year-on-year growth rates of 86.8%, 35%, and 28.9% [5]. - The current price-to-earnings ratios are projected at 36x, 26x, and 20x for the respective years [5]. Financial Metrics - The company is expected to achieve a revenue of 23.06 billion yuan in 2025, with a growth rate of 76.86% [9]. - The adjusted net profit is projected to grow significantly, with a forecasted increase of 185.85% in 2024 [9].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][13]. Core Views - The company faced significant challenges in 2024, with a revenue decline of 26.38% year-on-year, resulting in a net loss of 31 million yuan. However, the first quarter of 2025 showed a strong recovery with a revenue increase of 365.26% year-on-year and a net profit of 30 million yuan, marking a 300.06% growth [2][3]. - The company is positioned as a leader in T/R chip development, benefiting from the dual growth drivers of satellite and military applications. The low-orbit satellite sector is entering a concentrated launch phase, and the demand for airborne and missile-mounted chips is expected to rise due to advancements in national defense information technology [4]. Summary by Sections Financial Performance - In 2024, the company reported revenues of 212 million yuan, down from 287 million yuan in 2023. The net profit for 2024 was a loss of 31 million yuan, compared to a profit of 80 million yuan in 2023. The first quarter of 2025 saw revenues of 92 million yuan, a significant increase from the previous year [2][10]. - The company’s gross margin improved to 75.4% in Q1 2025, up 37 percentage points year-on-year, indicating a recovery in profitability [3]. Operational Analysis - The decline in 2024 was attributed to delayed project approvals and increased R&D expenses, with a research expense ratio of 41.5%, up 17.86 percentage points year-on-year. The company also recorded credit impairment losses of 49.58 million yuan [3]. - The company has optimized its operational quality, with inventory levels decreasing from 688,000 units to 353,000 units, enhancing inventory turnover efficiency [3]. Future Projections - Revenue projections for 2025-2027 are estimated at 446 million yuan, 597 million yuan, and 788 million yuan, respectively. The net profit is expected to reach 108 million yuan in 2025, 153 million yuan in 2026, and 182 million yuan in 2027 [5][10]. - The company is expected to enter a new growth cycle, supported by the new production base and improved automation in testing, which will enhance delivery efficiency [3].

Investment Rating - The report maintains a "Buy" rating for the company, with expected EPS for 2025-2027 at 4.71, 5.54, and 6.60 RMB respectively, corresponding to PE ratios of 13, 11, and 9 times [5]. Core Insights - The company reported a revenue of 2.55 billion RMB for 2024, a year-on-year increase of 32.6%, and a net profit attributable to shareholders of 680 million RMB, up 67.6% year-on-year. The Q4 2024 results showed a revenue of 700 million RMB, a 49.8% increase year-on-year, with net profit and adjusted net profit of 250 million and 220 million RMB, respectively, reflecting increases of 197.2% and 198.6% [2]. - The company has successfully expanded its customer base and procurement scale, with significant growth in electric sofa sales. For 2024, revenue from smart electric sofas, beds, and accessories reached 1.96 billion, 350 million, and 230 million RMB, representing year-on-year growth of 37.1%, 20.4%, and 20.5% respectively. The company added 96 new retail customers in the U.S. in 2024, including 14 from the top 100 furniture retailers [2][3]. - The gross margin improved significantly, with a full-year gross margin of 39.4%, up 5.4 percentage points year-on-year. In Q4 2024, the gross margin reached 54.3%, an increase of 14.3 percentage points year-on-year, attributed to the ongoing development of the company's own brand and scale effects [3]. - The company has successfully established over 500 "MOTO Gallery" stores in the U.S. by Q1 2025, indicating a strong performance in the end market and validating the feasibility of its own brand store-in-store model [4]. Summary by Sections Performance Review - In 2024, the company achieved a revenue of 2.55 billion RMB, a 32.6% increase year-on-year, and a net profit of 680 million RMB, up 67.6% year-on-year. Q4 2024 revenue was 700 million RMB, a 49.8% increase year-on-year, with net profits showing substantial growth [2]. Operational Analysis - The company saw a continuous increase in customer acquisition and procurement scale, with electric sofa sales driving revenue growth. The revenue from electric sofas, beds, and accessories for 2024 was 1.96 billion, 350 million, and 230 million RMB, respectively, with significant year-on-year growth rates [2][3]. Financial Metrics - The gross margin for 2024 was 39.4%, an increase of 5.4 percentage points year-on-year, while Q4 2024 gross margin reached 54.3%, up 14.3 percentage points year-on-year. The company effectively controlled expenses, with sales, management, and R&D expense ratios showing favorable trends [3]. Brand Development - The company has made significant progress in developing its own brand, with the successful establishment of over 500 MOTO Gallery stores in the U.S. by Q1 2025, enhancing its market presence and brand recognition [4].