Investment Rating - The investment rating for the company is "Outperform" (maintained) [3] Core Views - The company reported a revenue of 286 million yuan for 2024, representing a year-on-year growth of 23.63%, and a net profit attributable to the parent company of 62.51 million yuan, up 56.86% year-on-year [3] - In Q1 2025, the company achieved a revenue of 729.12 million yuan, a year-on-year increase of 44.24%, while the net profit attributable to the parent company was 13.52 million yuan, down 15.49% year-on-year [3] - The company is expanding its market share in the new energy vehicle sector, with significant revenue growth in automotive window systems and precision transmission systems, achieving revenues of 90.86 million yuan and 93.67 million yuan respectively, with year-on-year growth rates of 60.54% and 25.85% [4] - The company plans to focus on its core business and accelerate the development of new energy vehicle-related products, with a total investment of 20.426 million yuan in the "Precision Components Manufacturing for New Energy Vehicles" project, reaching 35.26% completion by the end of 2024 [5] Financial Summary and Valuation Indicators - Revenue is projected to grow from 231 million yuan in 2023 to 525 million yuan in 2027, with a compound annual growth rate (CAGR) of 18.9% [7] - Net profit attributable to the parent company is expected to increase from 40 million yuan in 2023 to 114 million yuan in 2027, with a CAGR of 19.7% [7] - The gross margin is forecasted to improve from 36.3% in 2023 to 38.6% in 2027, while the net margin is expected to remain stable around 21% [8] - The projected earnings per share (EPS) are 0.60 yuan for 2023, increasing to 1.71 yuan by 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 41.0 to 14.4 [7][8]
捷众科技：入选省单项冠军，2025Q1扣非归母净利润同比+65%-20250604