经纬恒润（688326）：控费成效初现，汽车电子爆发助盈利释放

Investment Rating - The investment rating for the company is Neutral (maintained) [2] Core Views - The company has shown initial results in cost control, with a significant increase in automotive electronics contributing to profit recovery [6] - The company reported a revenue of 5.541 billion yuan in 2024, representing an 18.5% year-on-year growth, while the net profit attributable to the parent company was a loss of 550 million yuan [6] - In Q1 2025, the company achieved a revenue of 1.328 billion yuan, a 49.3% increase year-on-year, indicating a narrowing of losses [6] - The company is actively expanding its international market presence, securing contracts with major OEMs and enhancing its global service capabilities [6] Financial Data and Profit Forecast - Total revenue projections for 2025E are 7.335 billion yuan, with a year-on-year growth rate of 32.4% [5] - The company expects to achieve a net profit of 28 million yuan in 2025E, with a significant turnaround projected for 2026E at 175 million yuan [5] - The gross margin is expected to improve from 21.5% in 2024 to 23.8% in 2025E, reflecting better cost management and product mix [5] - The company anticipates a gradual recovery in profitability, with a projected return on equity (ROE) of 0.7% in 2025E, increasing to 6.2% by 2027E [5] Revenue and Cost Analysis - The company’s operating revenue is forecasted to grow from 5.541 billion yuan in 2024 to 10.207 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 14.8% [7] - Research and development expenses are expected to stabilize, with a decrease in the R&D expense ratio from 18.7% in 2024 to 12.6% by 2027, indicating improved operational efficiency [6][7] - The company is focusing on the production of smart driving electronic products and chassis domain controllers, which are expected to contribute significantly to revenue growth [6]