Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to market benchmarks [5][11]. Core Insights - The company has demonstrated strong revenue growth, achieving a revenue of 1,241.82 million yuan in 2024, a year-on-year increase of 22.89%. However, the net profit attributable to the parent company decreased by 18.72% to 122.53 million yuan [1][12]. - In Q1 2025, the company reported a revenue of 339.46 million yuan, reflecting a significant year-on-year growth of 47.22%, with a net profit of 33.51 million yuan, up 3.08% [1]. - The company is actively expanding into new markets and product lines, having added over 1,000 new product designations in 2024, which supports ongoing revenue growth [2]. Revenue and Profitability - The automotive fluid pipeline and assembly business generated revenue of 1,082.59 million yuan in 2024, up 22.93% year-on-year, while the automotive fluid control components and precision injection parts saw a revenue increase of 31.93% to 141.98 million yuan [1]. - The company benefited from the growing demand for thermal management pipelines in the new energy vehicle sector, with sales of 29.16 million units in 2024, representing a 118.5% increase from 2023 [1]. - The overall gross margin for 2024 was 22.86%, down from 28.11% in 2023, indicating pressure on profitability due to increased competition [3]. Market Expansion and R&D - The company has maintained a high level of investment in research and development, with a R&D expense ratio of 5.29% in 2024, focusing on innovative products such as high-pressure air suspension connectors and rapid connectors for liquid cooling servers [4]. - The establishment of a subsidiary, Sulian Zhikong, aims to independently develop liquid cooling products for energy storage and computing power management, indicating a strategic move to diversify revenue streams [4]. Financial Projections - The company forecasts net profits of 152.08 million yuan, 191.51 million yuan, and 238.24 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.27, 1.60, and 1.99 yuan [11][12]. - The projected revenue growth rates for the next few years are 25.60% for 2025, 24.02% for 2026, and 23.49% for 2027, reflecting a robust growth trajectory [12].
溯联股份（301397）：营收端持续高增长，新市场开拓可期