华鑫证券：给予强瑞技术买入评级

Core Viewpoint - Strong瑞技术 has demonstrated impressive performance with significant revenue and profit growth, driven by new business segments such as smart vehicles, AI servers, and cooling solutions [1][2][3]. Financial Performance - In Q1 2025, the company achieved revenue of 317 million yuan, a year-on-year increase of 111%, and a net profit attributable to shareholders of 12 million yuan, up 184% year-on-year [1][3]. - For the year 2024, the company reported total revenue of 1.127 billion yuan, reflecting a 67% year-on-year growth, with net profit reaching 98 million yuan, a 75% increase [2]. Business Segments - Revenue breakdown for 2024 includes: - Mobile terminals: 678 million yuan, up 30% year-on-year - Smart automotive sector: 123 million yuan, up 182% year-on-year - AI server equipment: 65 million yuan, up 135% year-on-year - Cooling solutions: 194 million yuan, up 357% year-on-year [2]. New Business Initiatives - The company is expanding into the robotics sector by acquiring 51% of Xuyi Da's brushless motor for 150 million yuan, which had a revenue of 90 million yuan and a net profit of 27 million yuan in 2024 [4]. - A joint venture, 强瑞超能(深圳)机器人技术有限公司, was established in April 2025 to focus on rehabilitation and educational robotics [4]. Profit Forecast - The company forecasts net profits attributable to shareholders for 2025, 2026, and 2027 to be 205 million yuan, 289 million yuan, and 400 million yuan respectively, with corresponding EPS of 2.78, 3.91, and 5.41 yuan [5]. - Current stock price corresponds to PE ratios of 26, 18, and 13 for the years 2025, 2026, and 2027 [5].