Xin Lang Cai Jing·2025-04-29 02:43Core Viewpoint - The company reported a 1Q25 performance with revenue growth of 7% year-on-year, driven by the sales performance of core customers, despite a 20% decline compared to the previous quarter [1] Financial Performance - 1Q25 revenue reached 610 million yuan, with a net profit attributable to shareholders of 58.67 million yuan, and a non-recurring net profit of 55.34 million yuan, reflecting an 8% year-on-year increase [1] - The gross margin for 1Q25 was 18.1%, showing a slight decrease of 0.5 percentage points quarter-on-quarter but an increase of 1.6 percentage points year-on-year [2] - The net profit margin improved to 9.7%, with a quarter-on-quarter increase of 0.4 percentage points and a year-on-year increase of 0.3 percentage points [2] Business Trends - The company’s revenue growth in 1Q25 was supported by the increase in sales of EGR products and injection systems, which benefited from the growth in hybrid vehicle sales and natural gas heavy truck registrations [1] - The new energy passenger vehicle sales increased by 42.8% year-on-year, with pure electric vehicle sales up by 39% and plug-in hybrid vehicle sales up by 64% [1] Strategic Initiatives - The company is expanding into low-altitude economy and humanoid robotics, with a focus on precision machining components for aerospace and drones, and has established strategic partnerships with several aerospace companies [3] - A subsidiary was formed to focus on humanoid robotics, and the company has showcased its first industrial-grade humanoid robot, which utilizes self-developed servo drive technology [3] Profit Forecast and Valuation - The profit forecast for 2025 and 2026 remains unchanged, with the current stock price corresponding to P/E ratios of 31.2 and 25.4 for 2025 and 2026, respectively [4] - The target price is maintained at 45.57 yuan, indicating a potential upside of 12.1% from the current stock price [4]