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 company's revenue from automotive fluid pipelines and assemblies reached 1,082.59 million yuan in 2024, marking a 22.93% increase, while the revenue from automotive fluid control components and precision injection parts grew by 31.93% to 141.98 million yuan [1]. - The gross profit margin for 2024 was 22.86%, down from 28.11% in 2023, indicating pressure on profitability due to increased market competition [3]. - The average selling price of the main product line decreased by 3.0% in 2024 compared to 2023, contributing to the decline in gross margin [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 quick connectors for liquid cooling servers [4]. - The establishment of a subsidiary, Su Lian Zhi Kong, aims to independently develop liquid cooling products for energy storage and computing power management, indicating a strategic move to diversify and enhance growth potential [4]. Financial Projections - The company forecasts a net profit of 152.08 million yuan for 2025, representing a 24.12% increase from 2024, with projected earnings per share (EPS) of 1.27 yuan [11][12]. - Revenue is expected to grow to 1,559.67 million yuan in 2025, reflecting a growth rate of 25.60% [12].
溯联股份：营收端持续高增长，新市场开拓可期-20250428