Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company is expected to continue its development with a good order backlog and new products contributing to revenue growth, particularly in the context of the growing electric vehicle (EV) market [2][5] - The company has established projects with major automotive manufacturers such as Daimler, BMW, Volkswagen, Tesla, BYD, General Motors, Audi, Ford, NIO, Li Auto, Xpeng, SAIC, Great Wall, Chery, and Geely for the development of EV components [2][5] - The company reported a revenue of 1.562 billion yuan in 2024, a year-on-year increase of 26.44%, and a net profit of 146 million yuan, up 16.64% year-on-year [4][7] Financial Performance - In Q1 2025, the company achieved a revenue of 390 million yuan, representing a year-on-year growth of 13.98%, and a net profit of 30 million yuan, up 2.53% year-on-year [4][7] - The company's revenue growth in 2024 was primarily driven by the demand for axle and steering knuckle products, with significant revenue growth rates of 62.46% and 55.06% respectively [4][7] - The gross margin for 2024 was 20.02%, down 1.24 percentage points from 2023, mainly due to a 43.08% increase in raw material costs [4][7] Future Outlook - The company is expanding its product applications into new areas such as robotics and aerospace, establishing a new subsidiary to enhance its R&D capabilities in these fields [6][7] - The company is expected to maintain a steady growth trajectory, with projected revenues of 1.939 billion yuan, 2.456 billion yuan, and 2.925 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 24.1%, 26.7%, and 19.1% [8][9] - The earnings per share (EPS) are projected to be 1.16 yuan, 1.54 yuan, and 1.87 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 21.5x, 16.2x, and 13.3x [8][9]
三联锻造：在手订单情况良好叠加新产品开始贡献收入，公司持续发展未来可期-20250505