Haoneng(SH:603809) 汽车琰究·2025-05-01 02:33Event Overview - The company released its Q1 2025 report, achieving revenue of 619 million yuan, a year-on-year increase of 13.40%; net profit attributable to shareholders was 104 million yuan, up 30.42% year-on-year; and net profit excluding non-recurring items was 103 million yuan, an increase of 27.46% year-on-year [2]. Performance Exceeds Expectations - Revenue: In Q1 2025, revenue reached 619 million yuan, a year-on-year increase of 13.40% but a quarter-on-quarter decrease of 7.80%. The company has sufficient orders for synchronizers and differentials, supporting stable revenue growth [3]. - Profit: The net profit attributable to shareholders in Q1 2025 was 104 million yuan, a year-on-year increase of 30.42% and a quarter-on-quarter increase of 32.61%. The net profit excluding non-recurring items was 103 million yuan, up 27.46% year-on-year and 23.54% quarter-on-quarter. The gross profit margin for Q1 2025 was 32.15%, down 2.11 percentage points year-on-year and 1.44 percentage points quarter-on-quarter. Revenue growth, increased gross profit, and gains from the disposal of long-term equity investments drove significant growth in net profit [3]. - Expenses: In Q1 2025, the expense ratios for sales, management, R&D, and financial expenses were 0.78%, 5.36%, 5.27%, and 2.49%, respectively. Year-on-year changes were +0.13, -0.04, -0.95, and -1.69 percentage points, while quarter-on-quarter changes were +1.49, -3.13, -0.38, and -0.30 percentage points. The company continues to promote cost reduction and efficiency improvement, resulting in an overall decrease in expenses [3]. Business Growth Areas - Differential Business: In 2024, the differential business achieved revenue of 470 million yuan, a year-on-year increase of 72.80%, with a gross profit margin of 9.03%, up 11.68 percentage points year-on-year. The Luzhou base reached full production capacity of 5 million sets, with plans to build a capacity of 10 million sets by 2030, effectively covering major manufacturers of new energy vehicles [4]. - Synchronizer Business: In 2024, the synchronizer business generated revenue of 1.24 billion yuan, a year-on-year increase of 44.02%, with a gross profit margin of 33.65%, up 5.58 percentage points year-on-year. The company is a leader in the synchronizer industry, with significant technological advantages, supplying major domestic and international automotive manufacturers [4]. - Aerospace Components Business: In 2024, the aerospace components business achieved revenue of 283 million yuan, a year-on-year increase of 27.71%, with a gross profit margin of 47.91%, up 0.78 percentage points year-on-year. The company invested 300 million yuan in December 2024 to establish an "Intelligent Manufacturing Center for Aerospace Components" to optimize existing production lines and improve operational efficiency [4]. Strategic Initiatives - The company is accelerating its layout in the robot reducer sector, aiming to create a second growth curve. In September 2024, the company signed an agreement with the People's Government of Bishan District, Chongqing, to jointly develop a robot industry ecosystem, with a total investment of 1 billion yuan for the construction of production lines for new energy vehicle planetary reducers and high-precision industrial planetary reducers [5]. The wholly-owned subsidiary, Chongqing Haoneng, is building a "Core Components of Intelligent Manufacturing Project" and is expanding into high-precision reducers and joint drive assemblies [5]. Financial Projections - The company is expected to generate revenues of 3.015 billion yuan, 3.599 billion yuan, and 4.131 billion yuan from 2025 to 2027, with net profits attributable to shareholders of 432 million yuan, 541 million yuan, and 695 million yuan, respectively. Corresponding EPS is projected to be 0.52 yuan, 0.65 yuan, and 0.83 yuan, with PE ratios of 26, 21, and 16 times, respectively [7][9].