jiangsu leili(SZ:300660) HTSC·2025-04-28 07:12Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 60.19 RMB [8][9]. Core Views - The company reported Q1 revenue of 908 million RMB, a year-on-year increase of 25.81%, and a net profit of 93.6 million RMB, up 28.15% year-on-year, exceeding previous expectations due to reduced expense ratios and increased foreign exchange gains [1]. - The company is optimistic about its expansion into emerging sectors, particularly in smart driving and robotics, which are expected to drive growth and profitability [3]. - The company is actively establishing manufacturing bases in Vietnam, Mexico, and Thailand, contributing to its internationalization efforts and enhancing its competitiveness in the global micro-motor market [4]. Summary by Sections Financial Performance - In Q1, the company's gross margin was 27.18%, with a net margin of 11.11%, reflecting a year-on-year decrease in gross margin but an increase in net margin due to lower expense ratios [2]. - The company forecasts net profits of 401 million RMB, 464 million RMB, and 535 million RMB for 2025-2027, with corresponding EPS of 1.25 RMB, 1.45 RMB, and 1.68 RMB [5][7]. Market Position and Strategy - The company is focusing on high-value products in the electric motor sector, particularly for electric vehicles and humanoid robots, which are expected to enhance its market position [3]. - The establishment of overseas manufacturing bases is part of the company's strategy to capture opportunities in North America and other regions, with overseas revenue expected to grow significantly [4]. Valuation - The report assigns a PE ratio of 48x for 2025, reflecting a premium of 20% over comparable companies, with an adjusted target price of 60.19 RMB [5].