HXG(603112) 申万宏源证券·2025-04-24 14:44Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 performance slightly exceeded expectations, with a net profit margin reaching a record high since its listing [6] - The white goods business benefits from a high demand environment, while the automotive parts business is accelerating [6] - The company is focusing on digital transformation and exploring diversified business opportunities, including robotics [6] - The net profit margin continues to improve, achieving the best level for the same period since its listing [6] - The forecast for net profit from 2025 to 2027 is expected to grow significantly, maintaining a "Buy" rating [6] Financial Data and Earnings Forecast - Total revenue for Q1 2025 was 975 million yuan, a year-on-year increase of 3.6% [5] - Net profit attributable to the parent company for Q1 2025 was 133 million yuan, a year-on-year increase of 25.8% [5] - The company expects to achieve net profits of 603 million yuan, 708 million yuan, and 812 million yuan for 2025, 2026, and 2027 respectively, with growth rates of 28%, 17%, and 15% [6][5] - The gross profit margin for Q1 2025 was 23.97%, an increase of 3.85 percentage points year-on-year [6] - The return on equity (ROE) for Q1 2025 was 4.0% [5]