SENSSUN(SZ:002870) ZHESHANG SECURITIES·2025-06-13 13:43Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company is experiencing short-term pressure on profitability due to fluctuations in the luxury car market and rising costs, with a focus on positioning itself in the low-altitude economy [1][3] - The company has increased its R&D investment significantly, which has impacted short-term profits but is aimed at enhancing competitiveness in the industry [2][3] - The company is expanding its customer matrix and product offerings in the automotive parts business, focusing on smart upgrades and new business opportunities in the low-altitude economy [3][4] Financial Performance Summary - In 2024, the company reported revenue of 5.9 billion yuan, a year-on-year increase of 2.0%, and a net profit attributable to shareholders of 160 million yuan, a decrease of 3.7% [1][11] - For Q1 2025, the company reported revenue of 1.44 billion yuan, a year-on-year decrease of 2.9%, and a net profit attributable to shareholders of 22.64 million yuan, a decrease of 49.1% [1][11] - The company's gross profit margin for 2024 was 24.2%, a decrease of 0.2 percentage points year-on-year, while the net profit margin was 2.6%, also down by 0.2 percentage points [2][11] Business Segment Insights - The automotive parts business generated 5.09 billion yuan in revenue in 2024, accounting for 86.2% of total revenue, with a focus on optimizing the customer matrix and expanding into new areas [3] - The weighing instrument business generated 770 million yuan in revenue in 2024, accounting for 13.0% of total revenue, with ongoing efforts to enhance brand premium and product competitiveness [4] Shareholder Changes and Strategic Outlook - The controlling shareholder has changed to Joyson Electronics, which holds a 29.0% stake as of Q1 2025, potentially leading to strategic synergies in automotive parts and emerging businesses [5] - The company expects a compound annual growth rate (CAGR) of 15% in net profit attributable to shareholders over the next three years, with projected net profits of 160 million, 200 million, and 240 million yuan for 2025, 2026, and 2027, respectively [6][11]