Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a revenue of 203 million yuan in Q1 2025, a year-on-year decrease of 16.04% and a quarter-on-quarter decrease of 21.44%. The net profit attributable to the parent company was 42 million yuan, down 35.48% year-on-year and 16.71% quarter-on-quarter [1] - The slowdown in growth for early 2024 and 2025 is primarily due to the contraction in joint venture fluid business revenues, with traditional segments facing growth pressure amid intensified cost competition in the automotive industry [2] - The company's proactive sensing cleaning system has shown promising market potential, especially in the high-level autonomous driving sector, with expectations for increased penetration rates in the future [2] - The actual controller of the company has voluntarily committed to not reducing their shareholding for six months, reflecting confidence in the company's long-term development [3] Financial Projections - The company is expected to achieve revenues of 1.074 billion yuan, 1.239 billion yuan, and 1.408 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 235 million yuan, 267 million yuan, and 307 million yuan for the same years [4][6] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 2.94 yuan, 3.33 yuan, and 3.84 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 26.27, 23.15, and 20.10 [4][6]
恒帅股份（300969）：业绩符合预期，主动感知清洗进入兑现期