Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue and profit are experiencing a temporary decline due to pressure on both business segments, particularly in traditional cleaning and motor businesses, which are affected by intensified competition and fluctuations in downstream customer demand [5][6] - The company reported Q1 2025 revenue of 203 million yuan, a year-on-year increase of 16.04% and a quarter-on-quarter increase of 21.44%, with a net profit of 42 million yuan, up 35.48% year-on-year and 16.71% quarter-on-quarter [4][5] Summary by Sections Business Performance - Revenue decline is primarily due to the overall operating environment and fluctuations in downstream customer demand, with traditional cleaning facing intensified competition and a short-term decline in the motor segment [5] - The company's gross margin for Q1 was 32.22%, a year-on-year increase of 4.57 percentage points, indicating stability despite the pressure from traditional cleaning system products [5] Future Outlook - The company is expected to see revenue growth from new products such as electric motors and proactive sensing cleaning systems, which are anticipated to drive profitability upward [5][6] - Revenue projections for 2025 to 2027 are estimated at 1.101 billion, 1.337 billion, and 1.702 billion yuan respectively, with corresponding net profits of 239 million, 290 million, and 385 million yuan [7][10] Product Development - The traditional cleaning business faces challenges, but proactive sensing cleaning products are expected to open new market opportunities [8] - The motor business is expanding into various electric motor types, including high-torque harmonic brushless motors and other automotive applications, with significant projects already secured in the EPB field [8] Strategic Initiatives - The company is actively adjusting its customer structure to address the pressures in the cleaning business and is focusing on the commercialization of its micro-motor technology and intelligent cleaning solutions [7][8]
恒帅股份：双业务阶段性承压，ADAS清洗及电机业务待放量-20250514