长源东谷（603950）：传统业务稳健深耕，新能源业务蓬勃发展

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][9]. Core Insights - The company has demonstrated robust growth in both traditional and new energy sectors, achieving a record high revenue of 1.92 billion yuan in 2024, a year-on-year increase of 30.38% [2][3]. - The new energy hybrid business has seen explosive growth, with sales of hybrid cylinder blocks and cylinder heads increasing sixfold, driven by major clients like BYD and Seres [2][3]. - The company is implementing a "dual-track strategy" that integrates traditional and new energy businesses, allowing it to meet diverse market demands and mitigate industry downturns [2][3]. Financial Performance - In 2024, the company reported a net profit attributable to shareholders of 230 million yuan, up 5.37% year-on-year, while Q1 2025 net profit surged by 65.80% to 78 million yuan [1][2]. - Revenue projections for 2025-2027 are estimated at 2.48 billion, 3.20 billion, and 4.13 billion yuan, respectively, with corresponding net profits of 350 million, 451 million, and 537 million yuan [4][3]. - The company’s earnings per share (EPS) are forecasted to grow from 0.74 yuan in 2024 to 1.66 yuan by 2027, reflecting a strong upward trend in profitability [4][3]. Market Position and Strategy - The company is expanding its customer base in traditional commercial vehicles while also penetrating new markets such as engineering machinery and marine applications [2][3]. - The introduction of automated production lines and smart manufacturing technologies has significantly enhanced production efficiency and order fulfillment capabilities [3][2]. - The company is focused on building technical barriers through innovation in product design and manufacturing processes, which positions it favorably in the competitive landscape of the hybrid vehicle market [3][2].