JEE(SH:688162) Shenwan Hongyuan Securities·2025-05-13 02:14Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Insights - The company has shown signs of a profit turning point, with a recovery in profitability and an improvement in overall operating quality. In 2024, the company achieved revenue of 3.523 billion yuan, a year-on-year decrease of 4.5%, but turned a profit with a net profit of 21 million yuan. The first quarter of 2025 saw a revenue increase of 13.2% year-on-year, reaching 960 million yuan, with a net profit of 26 million yuan, up 3.3% year-on-year [5][7] - The company is focusing on the application of embodied intelligence in robotics and aims to establish new growth areas. The smart equipment business will accelerate international expansion, serving strategic clients like Tesla and Volkswagen, while the electric motor and control components segment will continue to increase market share [7][8] Financial Data and Earnings Forecast - The company’s total revenue is projected to grow from 3.523 billion yuan in 2024 to 4.452 billion yuan in 2025, with a year-on-year growth rate of 26.4%. The net profit is expected to rise significantly from 21 million yuan in 2024 to 151 million yuan in 2025, reflecting a growth rate of 606.1% [6][9] - The gross margin improved to 14.5% in 2024, up 2.5 percentage points year-on-year, with the first quarter of 2025 showing a gross margin of 15.2%, an increase of 1.0 percentage points year-on-year [7][9]