NJEC(SH:600699) KAIYUAN SECURITIES·2025-05-12 08:12Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved steady growth in Q1 2025, with revenue of 14.576 billion yuan, a year-on-year increase of 9.78%, and a net profit attributable to shareholders of 340 million yuan, up 11.08% year-on-year [4][5] - The overall gross margin improved by 2.6 percentage points to approximately 17.9% in Q1 2025, driven by cost reduction and efficiency enhancement measures [5] - The company is a leading global provider of automotive electronics and safety solutions, with stable development in its main business [4][5] Financial Performance - In Q1 2025, the automotive safety business generated approximately 9.2 billion yuan in revenue, while the automotive electronics business contributed about 4 billion yuan [5] - The gross margin for the automotive safety business increased by about 1.9 percentage points to approximately 15.6%, and for the automotive electronics business, it rose by about 2.1 percentage points to approximately 21.2% [5] - The company maintains its profit forecast for 2025-2027, expecting net profits of 1.392 billion yuan, 1.755 billion yuan, and 2.077 billion yuan, respectively, with corresponding EPS of 0.99 yuan, 1.25 yuan, and 1.47 yuan per share [4][7] Strategic Initiatives - The company is deepening its "Automotive + Robotics Tier 1" strategy, actively seizing opportunities in emerging markets and the growth of global smart electric vehicles [6] - In Q1 2025, the total amount of new orders acquired was approximately 15.7 billion yuan, indicating strong demand [6] - The company is focusing on the development of robotics sensor suites, battery management systems, lightweight mechas, and wireless charging solutions, with strategic partnerships in the robotics industry [6]