Xinquan Automotive Trim(SH:603179) Xin Lang Cai Jing·2025-05-03 10:27Core Viewpoint - The company reported its 2024 annual results and 2025 Q1 results, showing strong revenue and profit growth, indicating overall operational stability and positive market response [1][2]. Financial Performance - In 2024, the company achieved revenue of 13.264 billion yuan, a year-on-year increase of 25.46%, and a net profit attributable to shareholders of 977 million yuan, up 21.24% [1]. - For Q4 2024, the company reported revenue of 3.659 billion yuan, a year-on-year increase of 12.47% and a quarter-on-quarter increase of 6.33%, with a net profit of 291 million yuan, up 19.00% year-on-year and 5.87% quarter-on-quarter [1][2]. - In Q1 2025, revenue was 3.519 billion yuan, a year-on-year increase of 15.49%, but a quarter-on-quarter decrease of 3.82%, with a net profit of 213 million yuan, up 4.44% year-on-year but down 26.74% quarter-on-quarter [1][2]. Cost and Profitability - The gross margin for Q4 2024 was 17.48%, a decrease of 3.87 percentage points quarter-on-quarter, primarily due to accounting policy changes, while the adjusted gross margin remained stable [2]. - The gross margin for Q1 2025 was 19.50%, a slight year-on-year decrease of 0.60 percentage points, also affected by accounting policy adjustments [2]. - The operating expense ratio for Q4 2024 was 8.20%, a decrease of 3.48 percentage points quarter-on-quarter, with the management expense ratio increasing to 6.80% [3]. - The net profit margin for Q4 2024 was 7.96%, remaining stable quarter-on-quarter, while for Q1 2025, the net profit margin was 6.06%, a year-on-year decrease of 0.64 percentage points [3]. Strategic Developments - The company is expanding its product offerings, focusing on dashboard and door panel products, and has established strong partnerships with major clients like Geely and Chery, leading to an increase in market share [4]. - The company is advancing its globalization strategy, with operations expanding in Mexico, Slovakia, Germany, and the United States, positioning itself as a leading global automotive interior parts supplier [4]. Profit Forecast - The profit forecasts for 2025 and 2026 have been adjusted to 1.337 billion yuan and 1.725 billion yuan, respectively, with a new forecast for 2027 set at 2.102 billion yuan [4]. - Corresponding EPS estimates are 2.74 yuan, 3.54 yuan, and 4.31 yuan for the respective years, with P/E ratios of 14.68x, 11.38x, and 9.34x [4].