经营分析 外围省份收入增速创新高，核心区域深耕份额进一步提升，电商 受舆情影响增速短期波动。 业绩简评 4 月 18 日公司发布 2025 年一季报，25Q1 公司实现营收 9.95 亿 元，同比+30.1%，归母净利润 1.31 亿元，同比+27.3%，扣非归母 净利润 1.29 亿元，同比+32.4%，Q1 业绩超出市场预期。 1）分渠道：25Q1 线下/电商渠道营收 6.50/3.22 亿元（同比 +49.0%/+8.6%），外围市场受益于渠道下沉+存量门店动销提升延 续爆发式增长,Q1+125.1%，核心区域受低基数效应、产品结构优 化，市占率持续攀升，电商渠道受 315 舆情短期扰动阶段性增速 放缓，近期抖音品类榜单排名恢复显著，未来线上盈利弹性有望逐 步释放；2）分产品：25Q1 公司持续聚焦卫生巾系列产品升级，自 由点营收 9.52 亿元（同比+35.8%），预计大健康系列占比持续提 升，裤型产品增速有加快，品类优化、产品升级持续推进。 大健康占比提升，后续关注费效比改善，带动盈利进入弹性释放 通道。25Q1 综合毛利率为 53.3%(同比-1.0pct)，主因会计准则调 整影响（电商物流相关费 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3]. Core Insights - The company is a global leader in lidar technology, achieving its first Non-GAAP profit in 2024 and maintaining a strong market position with a 61% share in L4 and 26% in ADAS segments [8][40]. - The company has made three key strategic decisions that have significantly contributed to its growth: entering the smart driving sector, developing in-house chips to reduce costs, and pursuing a global business strategy to enhance profit margins [14][22]. Summary by Sections Investment Logic - The company is projected to achieve revenues of 32.6 billion, 47.3 billion, and 63.0 billion yuan from 2025 to 2027, with net profits of 2.7 billion, 6.5 billion, and 10.8 billion yuan respectively [3]. Company Overview - The company transitioned from producing laser gas analyzers to becoming a leader in smart driving technology, launching its first lidar product in 2016 and rapidly gaining market share [15][26]. - The company has maintained a gross margin above 35% since 2019, outperforming its competitors [56]. Market Trends - The total addressable market (TAM) for lidar technology is expected to expand significantly, with projections indicating a potential increase from 60 billion yuan to over 180 billion yuan [8][22]. - The company has successfully penetrated the global market, with 25.7% of its revenue coming from overseas in 2024, indicating a strong international presence [8][22]. Financial Projections - The company anticipates achieving approximately 32.6 billion yuan in revenue and a GAAP net profit of 2.7 billion yuan by 2025 [3][37]. - Earnings per share (EPS) are expected to rise from 2.06 yuan in 2025 to 8.24 yuan by 2027 [3]. Strategic Decisions - The company has made significant advancements in technology by developing its own chips, which has led to a reduction in production costs and improved product performance [19][45]. - The strategic shift to focus on smart driving has allowed the company to capture a significant share of the L4 market, with a consistent increase in lidar shipments projected for the coming years [20][55].

行业动态 （1）4 月 19 日机器人半马参赛名单公布，一共二十一支队伍参赛。 （2）4 月 17 日，《中国手术机器人行业发展报告》发布。 公司动态 （1）4 月 14 日，全国人大常委会副委员长张庆伟莅临优必选调研。 （2）4 月 16 日，诺力股份与浙大机器人研究院战略合作签约，专注智能物流产业革新升级。 （3）4 月 16 日，佛山海创科技机器人智造城项目正式开工奠基，总投资 50 亿元。 （4）4 月 17 日，海创人形机器人创新中心与诺力股份达成战略合作，推进具身智能物流机器人产业化应用。 （5）4 月 15 日-17 日 2025 慕尼黑上海电子展，国民技术发布高性能 MCU，赋能人形机器人与数字能源。 （6）4 月 17 日消息，程天科技发展有限公司入驻无锡（惠山）人形机器人产业园，投资 1.5 亿元建设国内全链条智 能外骨骼机器人产业化基地。 核心指标 4 月 17 日机器人板块走势平稳，川机器人领涨： 板块涨幅前三：腱绳（+1.34%）>PCB（+0.43%）>轻量化（-0.04%）。 个股涨幅前三：川机器人（+4.91%）>大业股份（+3.38%）>华培动力（+3.14%）。 投资建议 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant growth in the upcoming years [5]. Core Views - The company achieved a total revenue of 78.383 billion RMB in 2024, representing a year-over-year increase of 5.9%, and a net profit attributable to shareholders of 5.975 billion RMB, up 31.98% year-over-year [2]. - The company's international business revenue reached 48.513 billion RMB, growing by 12.15% year-over-year, accounting for 61.89% of total revenue, indicating a successful global strategy [3]. - The operating cash flow for the year reached a historical high of 14.814 billion RMB, reflecting improved asset quality and operational efficiency [4]. Summary by Sections Performance Review - In Q4 2024, the company reported revenue of 20.013 billion RMB, a year-over-year increase of 12.12%, and a net profit of 1.107 billion RMB, up 141.15% year-over-year, exceeding expectations [2]. Operational Analysis - The company experienced a clear recovery in domestic engineering machinery, with Q1 to Q4 revenues showing fluctuations but an overall positive trend, particularly in Q4 with an 18.87% increase [3]. - The company’s international revenue growth was driven by multiple regions, with Africa showing a remarkable increase of 44.02% year-over-year [3]. Financial Metrics - The company’s cash flow from operations increased by 159.53% year-over-year, and inventory turnover days and accounts receivable turnover days improved, indicating enhanced operational efficiency [4]. - The report forecasts revenue growth for 2025-2027, estimating revenues of 89.673 billion RMB, 105.349 billion RMB, and 124.072 billion RMB, respectively, with net profits projected at 8.612 billion RMB, 12.023 billion RMB, and 15.304 billion RMB [5].

业绩简评 2025 年 4 月 17 日晚，公司发布 2025 年一季报。2025 年第一季 度，公司实现营业收入 1,033.5 亿元，同比提升 3.9%；实现归 属于母公司净利润 26.1 亿元，同比提升 6.5%。 经营分析 联网通信稳盘托底，加快新一代移动通信研发应用：2025 年公司 聚焦联网通信和算网数智两大主业。其中联网通信为公司基本盘， 实现稳步提升。用户规模稳步增长，移动用户 3.49 亿户，净增 478 万户；固网宽带用户 1.24 亿户，净增 192 万户。融合套餐 用户 ARPU 保持百元以上。积极拥抱万物互联，物联网连接数 6.63 亿，净增 3,840 万。同时公司加快新一代移动通信研发应 用，开展 6G 标准制定、技术研发、测试验证，为 6G 产业发展及 未来业绩的持续增长做好准备。 算网数智扩盘提质，加大智算投入力度：根据工信部数据，2025 年 1-2 月通信行业同比增速为 0.9%，因此我们推断公司一季度大部 分业绩增长来自于云业务和 IDC 业务。公司算力业务规模实现突 破，联通云收入从 2024 年一季度的 167 亿元增长至 197.2 亿元， 同比增长 18%；公司 ...

业绩简评 2025 年 4 月 17 日晚，公司发布 2025 年一季报。2025 年第一季 度，公司实现营业收入 1,033.5 亿元，同比提升 3.9%；实现归 属于母公司净利润 26.1 亿元，同比提升 6.5%。 经营分析 联网通信稳盘托底，加快新一代移动通信研发应用：2025 年公司 聚焦联网通信和算网数智两大主业。其中联网通信为公司基本盘， 实现稳步提升。用户规模稳步增长，移动用户 3.49 亿户，净增 478 万户；固网宽带用户 1.24 亿户，净增 192 万户。融合套餐 用户 ARPU 保持百元以上。积极拥抱万物互联，物联网连接数 6.63 亿，净增 3,840 万。同时公司加快新一代移动通信研发应 用，开展 6G 标准制定、技术研发、测试验证，为 6G 产业发展及 未来业绩的持续增长做好准备。 算网数智扩盘提质，加大智算投入力度：根据工信部数据，2025 年 1-2 月通信行业同比增速为 0.9%，因此我们推断公司一季度大部 分业绩增长来自于云业务和 IDC 业务。公司算力业务规模实现突 破，联通云收入从 2024 年一季度的 167 亿元增长至 197.2 亿元， 同比增长 18%；公司 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [6][14]. Core Insights - The company reported a significant increase in sales revenue and net profit for Q1 2025, with sales revenue reaching 2.459 billion RMB, a year-on-year growth of 15.14%, and net profit attributable to shareholders at 207 million RMB, up 50.46% [3]. - The growth in advanced electronic materials and battery materials is driven by the rapid development of AI computing, high-frequency communication, and increased demand for high-energy-density batteries [4]. - The company is expanding its production capacity for high-frequency and high-speed resins to meet the growing demand from AI server applications [5]. Performance Summary - In Q1 2025, the company achieved a sales volume of 17,600 tons for advanced electronic materials and battery materials, a 11.08% increase year-on-year, generating sales revenue of 360 million RMB, up 31.30% [4]. - The sales volume for synthetic resin products was 166,300 tons, reflecting a 10.23% increase, with sales revenue of 1.282 billion RMB, a growth of 10.33% [4]. - Biomass product sales volume reached 56,900 tons, a 36.55% increase, with sales revenue of 236 million RMB, up 14.10% [4]. Financial Forecast - The projected net profit attributable to shareholders for 2025-2027 is estimated at 1.083 billion RMB, 1.207 billion RMB, and 1.449 billion RMB, respectively, with corresponding P/E ratios of 19.50, 17.51, and 14.58 [6][11].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][11]. Core Insights - The company reported a revenue of 12 billion RMB for 2024, a year-on-year increase of 14%, and a net profit of 1.44 billion RMB, up 25% year-on-year [2]. - The Q4 performance showed a revenue of 3.4 billion RMB, reflecting a 25% year-on-year growth and a 9% quarter-on-quarter increase, with a net profit of 460 million RMB, up 19% year-on-year and 28% quarter-on-quarter [2]. - The gross margin for 2024 was 24.4%, an increase of 0.8 percentage points year-on-year, while the net profit margin was 12%, up 1.0 percentage points year-on-year [3]. - The company is expanding its overseas operations, particularly in Europe, which is expected to outperform overall business growth in 2025 [3]. - The introduction of new robotic components is anticipated to create a significant revenue stream, contributing millions in income [3]. Summary by Sections Performance Review - The company achieved a revenue of 12 billion RMB in 2024, with a 14% increase year-on-year, and a net profit of 1.44 billion RMB, marking a 25% increase [2]. - Q4 results showed a revenue of 3.4 billion RMB, a 25% increase year-on-year, and a net profit of 460 million RMB, reflecting a 19% increase year-on-year [2]. Operational Analysis - The gross margin improved to 24.4% in 2024, with a notable increase in Q4 gross margin to 27.3% [3]. - The company is actively developing its robotic components, launching seven new products focused on lightweight and high-performance technologies [3]. Profit Forecast and Valuation - The projected net profits for 2025, 2026, and 2027 are 1.81 billion RMB, 2.08 billion RMB, and 2.36 billion RMB, respectively, with corresponding P/E ratios of 17, 15, and 13 [4]. - The company is recognized as a global leader in structural components, with stable profitability and growth potential in the robotics sector [4].

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant profit recovery in the battery segment [5]. Core Insights - The company reported a revenue of 48.6 billion RMB for 2024, a slight decrease of 0.3% year-on-year, while the net profit attributable to the parent company increased by 14.8% to 3.16 billion RMB [2]. - The company anticipates strong growth in battery shipments, projecting a total of 130 GWh for 2025, with 50 GWh from power batteries and 80 GWh from energy storage batteries [4]. - The company is expected to achieve net profits of 5.38 billion RMB, 7.20 billion RMB, and 9.08 billion RMB for the years 2025 to 2027, respectively, with corresponding P/E ratios of 15, 11, and 9 [5]. Performance Summary - In Q4, the company achieved a revenue of 14.57 billion RMB, marking a 10% increase year-on-year but an 18% decrease quarter-on-quarter [2]. - The gross profit margin for 2024 was reported at 17.4%, an increase of 0.4 percentage points year-on-year, while the net profit margin was 6.5%, up by 0.9 percentage points [3]. - The company’s battery segment revenues for 2024 were 19.2 billion RMB for power batteries (down 20%), 19.0 billion RMB for energy storage batteries (up 16%), and 10.3 billion RMB for consumer batteries (up 23%) [4]. Business Segment Analysis - Power battery shipments reached 30.29 GWh in 2024, an 8% increase year-on-year, while energy storage battery shipments surged by 92% to 50.45 GWh, securing the second-largest global market share [4]. - The consumer battery segment achieved full production and sales, with monthly sales exceeding 10 million units, particularly in niche markets such as electric tools and smart mobility [4]. Financial Projections - The company’s revenue is projected to grow significantly in the coming years, with estimates of 69.4 billion RMB in 2025, 85.0 billion RMB in 2026, and 103.3 billion RMB in 2027, reflecting growth rates of 42.75%, 22.48%, and 21.51% respectively [8]. - The diluted earnings per share are expected to rise from 1.99 RMB in 2024 to 4.44 RMB by 2027, indicating a strong upward trend in profitability [8].

业绩简评 4 月 17 日，公司发布 24 年报。24 年公司收入 486 亿元，同比- 0.3%，扣非归母净利润 31.6 亿元，同比+14.8%；单 Q4，公司收入 145.7 亿元，同比+10%，环比-18%，扣非归母净利润 6.6 亿元，同 比+10%，环比-34%。 经营分析 1、剔除减值、年终奖等影响，经营利润环比稳健。24 年公司毛利 率 17.4%，同比+0.4pct，四费率 10.7%，同比+0.2pct，扣非归母 净利率 6.5%，同比+0.9pct；单 Q4 公司毛利率 17.5%，环比-1.5pct， 四费率 10.1%，环比-0.6pct，资产+信用减值 2.75 亿元，环比+2.5 亿，扣非归母净利率 4.5pct，环比-2.4pct。我们测算剔除减值影 响、年终奖计提、股权激励计提冲回影响，经营业绩较 Q3 环比稳 健。 2、分业务：24年公司动力/储能/消费电池收入分别为192/190/103 亿元，同比-20%/+16%/+23%，毛利率分别为 14.2%/14.7%/27.6%， 同比-0.2pct/-2.3pct/+3.9pct，相较 H1，H2 动力电池从 11%提升 ...