禾赛科技（A20721）：2025年一季报点评：营收同比高增，盈利能力超预期

Investment Rating - The report maintains an "Outperform" rating for the company [2][6][17] Core Insights - The company reported a significant year-on-year revenue increase of 46.3% in Q1 2025, reaching Rmb525 million, with gross profit rising by 57.5% to Rmb219 million, surpassing expectations [3][15] - The gross profit margin stood at 41.7%, reflecting a year-on-year increase of 2.97 percentage points, indicating strong profitability [3][15] - The company anticipates Q2 2025 revenue between Rmb680 million and Rmb720 million, with expected deliveries exceeding 300,000 units and a gross profit margin around 40% [3][15] Financial Performance Summary - Revenue projections for 2025-2027 are Rmb3.245 billion, Rmb4.795 billion, and Rmb6.851 billion respectively, with net profits expected to be Rmb241 million, Rmb552 million, and Rmb1.041 billion [6][17] - The company achieved a net profit margin of -3.3% in Q1 2025, a significant improvement from previous periods, and is expected to reach breakeven under GAAP in Q2 2025 [3][15] - The report highlights a strong growth trajectory with a forecasted revenue growth rate of 56% for 2025 and 48% for 2026 [11][13] Market and Product Developments - The company has ramped up production of ADAS LiDAR, with Q1 2025 shipments reaching 195,800 units, a 178% increase year-on-year [4][16] - The introduction of the ATX low-cost product has positively impacted margins, with a focus on maintaining quality while optimizing cost structures [4][16] - The company has secured exclusive partnerships with top OEMs in Europe and Japan, indicating strong international market penetration [5][16]