Investment Rating - The report maintains a "Buy" rating for the company [1][9] Core Views - The company is experiencing short-term pressure on its performance in Q1 2025, with revenue and net profit declining year-on-year. However, the long-term growth potential as a leader in micro-motors remains promising [1][3][9] Financial Performance Summary - In Q1 2025, the company achieved total revenue of 203 million yuan, a year-on-year decrease of 16.04% and a quarter-on-quarter decrease of 21.44% [8] - The net profit attributable to the parent company for Q1 2025 was 42 million yuan, down 35.48% year-on-year and 16.71% quarter-on-quarter [8] - The gross margin for Q1 2025 was 32.22%, a decline of 4.57 percentage points year-on-year [8] - The company forecasts total revenue of 1,139.54 million yuan for 2025, with a year-on-year growth of 18.42% [1][10] Competitive Advantages - The company possesses core competencies in technology research and development, cost control, customer coverage, product expansion, and capacity layout [3] - It has a leading technological advantage in product development, automated production lines, and a platform strategy for cost control [3] - The company has established deep partnerships with major automotive manufacturers, enhancing its customer base [3] Capacity Expansion - The company is actively advancing the construction of factories in Thailand and the United States, which will improve its efficiency in serving global customers and expand its overseas market share [3]
恒帅股份：2025年一季报点评：2025Q1业绩短期承压，微电机龙头长期成长可期-20250503