Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to market benchmarks [5][11]. Core Insights - The company has demonstrated strong revenue growth, achieving a revenue of 1,241.82 million yuan in 2024, a year-on-year increase of 22.89%. However, the net profit attributable to the parent company decreased by 18.72% to 122.53 million yuan [1][12]. - In Q1 2025, the company reported a revenue of 339.46 million yuan, reflecting a significant year-on-year growth of 47.22%, with a net profit of 33.51 million yuan, up 3.08% [1]. - The company is actively expanding into new markets and product lines, having added over 1,000 new product designations in 2024, which supports ongoing revenue growth [2]. Revenue and Profitability - The automotive fluid pipeline and assembly business generated revenue of 1,082.59 million yuan in 2024, up 22.93% year-on-year, while the automotive fluid control components and precision injection parts saw a revenue increase of 31.93% to 141.98 million yuan [1]. - The company benefited from the growing demand for thermal management pipelines in the new energy vehicle sector, with sales of 29.16 million units in 2024, representing a 118.5% increase from 2023 [1]. - The overall gross margin for 2024 was 22.86%, down from 28.11% in 2023, indicating pressure on profitability due to increased competition [3]. Market Expansion and R&D - The company has maintained a high level of investment in research and development, with a R&D expense ratio of 5.29% in 2024, focusing on innovative products such as high-pressure air suspension connectors and rapid connectors for liquid cooling servers [4]. - The establishment of a subsidiary, Sulian Zhikong, aims to independently develop liquid cooling products for energy storage and computing power management, indicating a strategic move to diversify revenue streams [4]. Financial Projections - The company forecasts net profits of 152.08 million yuan, 191.51 million yuan, and 238.24 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.27, 1.60, and 1.99 yuan [11][12]. - The projected revenue growth rates for the next few years are 25.60% for 2025, 24.02% for 2026, and 23.49% for 2027, reflecting a robust growth trajectory [12].

Investment Rating - The report maintains an "Accumulate" rating for the industry, indicating a positive outlook for the next 6 to 12 months [27]. Core Insights - The overall performance of the North Exchange is expected to improve in 2025, following a significant adjustment in the index, with a focus on spring market activity [6][24]. - The North Exchange has 469 listed companies with a total market capitalization of 798.74 billion and a circulating market capitalization of 480.61 billion [1]. - The North Exchange 50 Index increased by 1.33% during the week of March 10 to March 14, 2025, closing at 1409.76 points, while the Shanghai and Shenzhen 300 Index rose by 1.59% [3][9]. Summary by Sections North Exchange Market Overview - As of March 14, 2025, there are 264 constituent stocks in the North Exchange, with an average market capitalization of 3.03 billion [3][19]. - The average daily trading volume for the week was 42.05 billion, a decrease of 7.44% from the previous week, with a turnover rate of 11.41% [11][19]. Industry Performance - The top-performing sectors during the week included utilities, food and beverage, non-ferrous metals, home appliances, and textiles, with respective gains of 21.81%, 21.35%, 16.46%, 14.64%, and 13.79% [15][19]. Individual Stock Performance - Out of 264 stocks listed on the North Exchange, 214 stocks rose, 50 fell, and none remained flat, resulting in an 81.06% increase in stock prices [19][24]. New Stock Listings - No new stock issuances occurred during the week, but several companies updated their review statuses, including one company accepted for review and three under inquiry [4][22]. Key News - The North Exchange conducted training sessions for listed companies to enhance communication with investors and improve the quality of information disclosure [5][23]. Investment Strategy - The report suggests focusing on sectors such as data centers, robotics, semiconductors, consumer goods, and military information technology for potential investment opportunities in 2025 [6][24].