Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company's performance in 2024 met expectations, with revenue of 3.6 billion and a net profit of 430 million, reflecting a year-on-year decrease of 8% and 14% respectively. In Q1 2025, revenue increased by 12% year-on-year to 870 million, while net profit decreased by 17% [1]. - The growth in revenue for Q1 2025 was driven by increased demand from major clients such as Tesla, Li Auto, NIO, and BYD, despite a decline in Tesla's global production [1]. - The company is focusing on enhancing its technological and research capabilities, particularly in mold development and stamping welding technology, which are crucial for maintaining its competitive edge in the automotive parts industry [2]. - The company is expanding its business layout by venturing into integrated die-casting, hot forming, and composite materials, with expectations for large-scale production to begin in the second half of 2025 [2]. Financial Summary - The company forecasts net profits of 500 million, 580 million, and 670 million for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 14, 12, and 10 times [3]. - Revenue is projected to grow from 4.1 billion in 2025 to 5.5 billion in 2027, with year-on-year growth rates of 15% and 16% [4]. - The latest diluted EPS is expected to be 2.09, 2.42, and 2.80 for 2025, 2026, and 2027 respectively [4].
多利科技：业绩符合预期，开拓新业务挖掘发展潜力-20250513