QI AUTOMOTIVE CO.(BJ:837242) KAIYUAN SECURITIES·2025-05-04 10:23Investment Rating - The investment rating for the company is "Buy" (maintained) [5][14] Core Insights - The company reported a revenue of 752 million yuan in 2024, representing a year-over-year growth of 34.71%, and a net profit attributable to the parent company of 106.5 million yuan, up 52.91% [5] - In Q1 2025, the company achieved a revenue of 175 million yuan, an increase of 22.51%, and a net profit of 18.69 million yuan, up 49.72% [5] - The company is expected to continue its growth trajectory, with projected net profits of 115 million yuan, 133 million yuan, and 161 million yuan for 2025, 2026, and 2027 respectively [5][8] Financial Performance - The total revenue for 2023 was 558 million yuan, with a projected increase to 815 million yuan in 2025, reflecting a growth rate of 8.3% [8] - The gross margin is expected to remain stable around 29.8% to 30.0% over the forecast period [11] - The net profit margin is projected to be around 14.1% to 14.5% from 2025 to 2027 [11] Sales and Market Expansion - The automotive electronics segment saw a revenue increase of 107.15% in 2024, reaching 72.33 million yuan [6] - Domestic revenue grew by 46.43% to 349 million yuan, while overseas revenue reached 403 million yuan, up 25.96% [6] - The company is expanding its product offerings and increasing its self-manufacturing ratio, with over 300 SKUs managed in automotive electronics [7] R&D and Production Capacity - The company is investing in R&D for integrated hardware and software products, with 8 new patents and 49 software copyrights added in 2024 [7] - A new production base in Thailand is under construction, focusing on manufacturing casting components [7]