柯力传感（603662）：2024年及2025Q1扣非归母净利润增长稳健，积极推进平台化战略及投资

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a steady growth in net profit attributable to the parent company, with a 10.67% year-on-year increase in net profit excluding non-recurring items for 2024, despite a 16.62% decline in net profit attributable to the parent company [2][6]. - The revenue for 2024 reached 1.295 billion, representing a 20.79% year-on-year increase, while Q1 2025 revenue was 316 million, up 27.08% year-on-year [6][12]. - The company is actively promoting a platform strategy and investment layout, focusing on long-term growth capabilities [2][12]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 1.295 billion, with a net profit of 261 million, and a net profit excluding non-recurring items of 193 million [6][12]. - For Q1 2025, the company reported a revenue of 316 million and a net profit of 76 million, with a net profit excluding non-recurring items of 43 million [6][12]. - The gross profit margin for 2024 was 43.12%, showing a slight increase of 0.07 percentage points year-on-year [12]. Product and Market Development - The company has expanded its product categories, with significant contributions from current, voltage, temperature, water quality, and vibration sensors [2][12]. - The industrial IoT and system integration revenue reached 533 million in 2024, marking a 69.34% year-on-year increase, indicating positive impacts from previous acquisitions [12]. - The company has initiated strategic investments in various projects, including humanoid robots and AI health robots, with a focus on sensor technology [12]. Future Outlook - The company expects to achieve net profits of 359 million and 452 million for 2025 and 2026, respectively, corresponding to price-to-earnings ratios of 52x and 42x [12].