RAYHOO MOTOR DIES(SZ:002997) Soochow Securities·2025-04-24 06:23Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a significant increase in net profit for Q1 2025, reaching 97 million yuan, a year-on-year increase of 28.49% [2] - Revenue for Q1 2025 was 747 million yuan, up 47.76% year-on-year and 6.98% quarter-on-quarter, driven by increased mold deliveries and concentrated deliveries of the ZhiJie R7 [2] - The gross margin for Q1 2025 was 25.00%, an increase of 1.26 percentage points year-on-year, while the net margin was 14.88%, a decrease of 1.37 percentage points year-on-year [2] Financial Performance Summary - The company expects total revenue to grow from 2,424 million yuan in 2024 to 5,880 million yuan in 2027, with a compound annual growth rate (CAGR) of 27.55% [4] - The projected net profit for 2025 is 450 million yuan, with an EPS of 2.15 yuan, and a P/E ratio of 17.94 [4] - The automotive parts business is rapidly expanding, with a backlog of orders amounting to 3.856 billion yuan as of 2024, a 12.78% increase from the previous year [3] Investment and Expansion Plans - The company plans to issue 880 million yuan in convertible bonds to accelerate the expansion of its lightweight automotive components and intelligent manufacturing systems [3] - The company is enhancing its capabilities in AI technology for mold design and developing smart collaborative robots to improve production efficiency [3]