Zheng Quan Zhi Xing·2025-05-01 09:24Core Viewpoint - Company shows steady growth in performance with a focus on expanding its robotics layout and maintaining a strong financial outlook, leading to a buy rating and a target price of 22.68 yuan [1] Financial Performance - In 2024, the company achieved operating revenue of 18.854 billion yuan, a year-on-year increase of 9.33%, and a net profit attributable to shareholders of 1.252 billion yuan, up 10.63% year-on-year [1][2] - The fourth quarter of 2024 saw operating revenue of 4.359 billion yuan, with a quarter-on-quarter decline of 2.50% and a year-on-year decline of 9.68% [1] - For Q1 2025, the company reported operating revenue of 4.854 billion yuan, reflecting a quarter-on-quarter increase of 3.45% and a year-on-year increase of 11.37% [1][2] Profitability and Cost Management - The company’s gross margin for 2024 was 25.91%, an increase of 0.82 percentage points year-on-year, while the net profit margin was 8.22%, up 0.57 percentage points year-on-year [2] - The company continues to implement cost control and refined management strategies to enhance profitability [2] Global Expansion and Order Reserves - The company is accelerating its global capacity layout, with production distribution in Asia, Europe, and America at 65.25%, 24.41%, and 10.34% respectively [2] - The company has a strong order reserve in its three major incremental business areas, with domestic orders in the air suspension business valued at approximately 15.2 billion yuan [2] Mergers and Acquisitions - The company is actively pursuing overseas mergers and acquisitions, with notable revenue growth from acquired entities [3] - In 2024, revenue from acquired companies reached 0.856 billion yuan, with a year-on-year increase of 8.99% [3] Focus on New Energy and Robotics - The company is deepening its involvement in the new energy sector, with sales in this area reaching 7.249 billion yuan, accounting for 40.20% of automotive business revenue in 2024 [4] - The company is accelerating its strategic layout in humanoid robotics, collaborating with various partners to enhance its core capabilities [4] Investment Outlook - The company is expected to see continued growth in its various business segments, with a projected compound annual growth rate (CAGR) of 18.4% for net profit from 2025 to 2027 [4] - The target price of 22.68 yuan is based on an 18x price-to-earnings ratio for 2025 [4]