ANHUI ZHONGDING(SZ:000887) Soochow Securities·2025-04-30 05:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 and Q1 2025 met expectations, with 2024 revenue reaching 18.85 billion yuan, a year-on-year increase of 9.33%, and net profit attributable to shareholders reaching 1.25 billion yuan, up 10.63% year-on-year [9] - The company is accelerating the production of its robot products, with significant progress in lightweight and air suspension systems, and has established strategic partnerships to enhance its robot product offerings [9] - The company's profitability is gradually improving, with Q4 2024 gross margin at 24.52% and net profit margin at 4.58% [9] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 18.85 billion yuan, with a year-on-year growth of 9.33% and a net profit of 1.25 billion yuan, reflecting a 10.63% increase [9] - Q4 2024 revenue was 4.36 billion yuan, down 2.50% year-on-year, while Q1 2025 revenue was 4.85 billion yuan, up 3.45% year-on-year [9] Business Segments - Revenue from air suspension systems, lightweight components, rubber business, cooling systems, and sealing systems in 2024 were 1.07 billion yuan, 2.52 billion yuan, 4.06 billion yuan, 5.07 billion yuan, and 3.80 billion yuan respectively, with year-on-year growth rates of 29.52%, 30.95%, 12.78%, -2.20%, and 4.72% [9] - The company has secured a total order value of 15.2 billion yuan for its domestic air suspension business [9] Profitability and Cost Management - The gross margin for Q4 2024 was 24.52%, with a year-on-year increase of 1.22 percentage points, while the net profit margin was 4.58% [9] - The company reported a total asset impairment of 296 million yuan in 2024, primarily due to inventory write-downs and long-term equity investment impairments [9] Earnings Forecast - The forecast for net profit attributable to shareholders for 2025 and 2026 has been adjusted to 1.59 billion yuan and 1.81 billion yuan respectively, with EPS estimates of 1.21 yuan, 1.37 yuan, and 1.58 yuan for 2025 to 2027 [9]