CZTL(SH:603158) Xinda Securities·2025-05-01 06:23Investment Rating - The investment rating for the company is not explicitly stated in the provided content, but the report indicates a positive outlook on profitability and strategic initiatives [1]. Core Insights - The company reported a revenue of 3.81 billion yuan in 2024, representing a year-on-year increase of 15.4%, and a net profit attributable to shareholders of 250 million yuan, up 28.5% year-on-year [1][4]. - In Q1 2025, the company achieved a revenue of 860 million yuan, a slight increase of 0.7% year-on-year, but a decrease of 22.2% quarter-on-quarter, with a net profit of 50 million yuan, down 20.1% year-on-year but up 237.9% quarter-on-quarter [1][4]. Revenue and Profitability - The company's gross margin for 2024 was 20.28%, a decrease of 2.7 percentage points year-on-year, while the net profit margin was 6.6%, an increase of 0.7 percentage points year-on-year [4]. - For Q1 2025, the gross margin was 19.0%, down 4.5 percentage points year-on-year, and the net profit margin was 5.2%, down 1.4 percentage points year-on-year [4]. Cost Control and Efficiency - The company demonstrated excellent cost control, with sales, management, R&D, and financial expense ratios for 2024 at 1.9%, 4.6%, 4.9%, and 0.7%, respectively [4]. - In Q1 2025, these ratios were 1.9%, 4.9%, 5.3%, and 0.0%, indicating a slight increase in management and R&D expenses [4]. Strategic Initiatives - The company accelerated its transition to new energy vehicles, with revenue from thermal management products for new energy vehicles reaching 1.46 billion yuan in 2024, accounting for 63.8% of the thermal management system components revenue [4]. - The production capacity of the integrated module line at the Poland factory is gradually increasing, with over 40,000 sets produced in 2024, and expected growth in 2025 [4]. International Expansion - The company is committed to an internationalization strategy, achieving overseas sales revenue of 740 million yuan in 2024, with the Poland factory nearing breakeven [4]. - The company is also advancing the construction of a project in Malaysia to establish a production base in Southeast Asia, enhancing its global operational capabilities [4].