Financial Performance - In Q1 2025, the company achieved revenue of 3.022 billion yuan, a year-on-year increase of 20% but a quarter-on-quarter decrease of 12% [1] - The net profit attributable to shareholders was 387 million yuan, up 26% year-on-year but down 15% quarter-on-quarter [1] - The non-recurring net profit was 353 million yuan, reflecting a year-on-year increase of 20% and a quarter-on-quarter decrease of 23% [1] - Gross margin and net margin were 22.20% and 12.77%, respectively, with year-on-year increases of 0.02 and 0.47 percentage points, but quarter-on-quarter declines of 5.06 and 0.44 percentage points [1] - The Q1 2025 performance slightly exceeded market expectations [1] Global Expansion - By the end of 2024, the company will have 16 production bases globally, including 13 in China and 3 in Europe [2] - The company has established production capacity in Sweden, Germany, and Hungary, and is expanding operations in the U.S. and Malaysia [2] - This expansion aims to provide nearby support services to multiple clients, reducing logistics costs and enhancing supply chain relationships, potentially increasing global market share [2] Customer Relationships - The company serves a diverse client base, including well-known battery manufacturers such as CATL, LG, Panasonic, and Tesla, strengthening long-term strategic partnerships [3] - In Q1 2025, the company signed a strategic cooperation agreement with Yinpai Battery, securing 100% supply share for power and energy storage battery structural components over the next five years [3] Robotics Business Development - The company has partnered with Taiwanese firms to develop humanoid robotics, focusing on the research and production of harmonic reducers [4] - The joint venture aims to create high-precision products, including core components like drivers and controllers, to establish a complete joint solution [4] - Expansion into the robotics sector is expected to inject new growth momentum into the company's long-term development [4] Revenue and Profit Forecast - Projected revenues for 2025-2027 are 14.4 billion, 17.28 billion, and 20.87 billion yuan, with year-on-year growth rates of 19.7%, 20.0%, and 20.7% respectively [5] - Expected net profits for the same period are 1.81 billion, 2.17 billion, and 2.66 billion yuan, with growth rates of 22.8%, 19.8%, and 22.8% respectively [5] - The three-year compound annual growth rate (CAGR) for revenue is estimated at 21.8% [5] - Earnings per share (EPS) are projected to be 6.6, 7.9, and 9.7 yuan, with price-to-earnings (PE) ratios of 19, 16, and 13 times [5]
科达利(002850):一季度业绩略超预期 盈利保持稳健