浙江仙通（603239）：Q1经营明显改善，稳健成长依旧

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company achieved a revenue of 1.225 billion in 2024, representing a year-on-year growth of 14.9%. The net profit attributable to shareholders was 172 million, up 13.7% year-on-year, while the non-recurring profit was 167 million, increasing by 13.6% [2][4] - In Q1 2025, the company reported a revenue of 343 million, a year-on-year increase of 27.3%. The net profit attributable to shareholders was 67 million, growing by 28.4%, and the non-recurring profit was 66 million, up 28.9% [2][4] - The company’s gross margin for 2024 was 29.7%, an increase of 0.4 percentage points year-on-year, benefiting from high-priced orders and the ramp-up of higher-margin products [10] - The company has a strong cost advantage, with over 90% of its tooling molds self-manufactured, leading to significant cost savings compared to outsourcing [10] - The company has a robust project pipeline, with 42 new vehicle models under development and more than double the number of new projects compared to 2023, supporting sustainable growth [10] Financial Summary - For 2024, total revenue is projected at 1.225 billion, with a gross profit of 364 million, resulting in a gross margin of 30% [14] - The net profit for 2024 is estimated at 172 million, with an EPS of 0.63 [14] - The company expects net profits of approximately 240 million and 300 million for 2025 and 2026, respectively, corresponding to PE ratios of 15 and 12 times [10]