NJEC(SH:600699) Soochow Securities·2025-04-01 01:33Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that restructuring costs have depressed apparent profits, but the "Automotive + Robotics Tier 1" strategy opens up growth opportunities [1] - The company achieved a total revenue of approximately 55.864 billion yuan in 2024, a slight increase of 0.24% year-on-year, while the net profit attributable to shareholders decreased by 11.33% to approximately 960 million yuan [1] - The report emphasizes stable growth in the main business, with a significant increase in new orders reaching 83.9 billion yuan, indicating strong growth certainty [1] Financial Performance Summary - Revenue projections for 2025 and 2026 have been raised to 67.426 billion yuan and 72.820 billion yuan, respectively, with an expected revenue of 78.172 billion yuan in 2027 [1] - The report notes that the overall gross margin for 2024 is 16.2%, an increase of 1.8 percentage points year-on-year, with the automotive safety business gross margin at 14.81% [1] - The company incurred one-time restructuring costs of 550 million yuan in 2024, primarily due to workforce reductions and factory closures in Europe and the U.S. [1] - Research and development expenses are projected at approximately 3.69 billion yuan, focusing on advanced technologies such as intelligent driving and 5G-V2X [1]