Soochow Securities·2025-04-30 15:22Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q1 2025 performance met expectations, with revenue of 3.77 billion yuan, a decrease of 25.4% year-on-year and 24.3% quarter-on-quarter. The net profit attributable to shareholders was a loss of 360 million yuan, but showed a year-on-year increase of 75.2% [7] - The lithium battery shipments are expected to grow significantly in 2025, contributing an estimated profit of around 500 million yuan [7] - The company is expected to achieve a net profit of 813.22 million yuan in 2025, a year-on-year increase of 139.21% [1][7] Financial Summary - Total revenue forecast for 2025 is 20.8 billion yuan, with a year-on-year growth of 10.03% [1] - The company's net profit for 2025 is projected to be 813.22 million yuan, with a corresponding EPS of 0.40 yuan per share [1][8] - The company's gross margin is expected to improve to 16.93% by 2025, up from 10.82% in 2024 [8]