NJEC(SH:600699) NORTHEAST SECURITIES·2025-04-30 05:44Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's main business profitability has improved, but apparent profits were dragged down by one-time expenses related to overseas business restructuring. In 2024, the company achieved operating revenue of 55.864 billion yuan, a year-on-year increase of 0.24%, and a net profit attributable to shareholders of 960 million yuan, a year-on-year decline of 11.33%. Excluding the one-time impact, the adjusted net profit attributable to shareholders was 1.282 billion yuan, a year-on-year increase of 27.74% [1][2] - The gross margin has continued to optimize, with the overall gross margin for 2024 at 16.22%, an increase of 1.14 percentage points year-on-year. The gross margin for Q4 was 18.01%, a decrease of 0.37 percentage points year-on-year. In Q1 2025, the gross margin was 17.90%, an increase of 2.39 percentage points year-on-year [2] - The company is advancing in intelligent development and robotics, creating a second growth curve. It has partnered with Momenta to develop full-scenario solutions for intelligent driving, with mass production expected by the end of 2025. The company is also focusing on high-value-added products in the automotive electronics sector, which has driven up gross margins despite revenue challenges [3] Financial Summary - For 2024, the company is projected to achieve operating revenue of 63.84 billion yuan, with a net profit attributable to shareholders of 1.546 billion yuan, corresponding to an EPS of 1.10 yuan and a PE ratio of 14.68 times. The projections for 2025 and 2026 are 69.261 billion yuan and 74.379 billion yuan in revenue, with net profits of 1.890 billion yuan and 2.195 billion yuan, respectively [4][13]