Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company's gross margin may be at a low point for the current phase, but it remains optimistic about the long-term trends in smart chassis and globalization [1] - The company reported a revenue of 2.64 billion yuan in Q1 2025, with a year-on-year increase of 41.8% but a quarter-on-quarter decrease of 21.5% [1] - The net profit attributable to the parent company for Q1 2025 was 270 million yuan, reflecting a year-on-year increase of 28.8% but a quarter-on-quarter decrease of 37.3% [1] - The report notes strong demand from key customers, with production increases of 29% and 43% for Chery and Geely, respectively [1] - The company has successfully expanded its order acquisition, with 416 new projects added in 2024, including various product lines [1] - The expansion of the Mexican production facility is progressing well, with expectations for increased capacity and profitability by 2025 [1] Financial Forecasts - The company is projected to achieve total revenue of 12.92 billion yuan in 2025, with a year-on-year growth of 30% [1] - The net profit attributable to the parent company is expected to reach 1.55 billion yuan in 2025, reflecting a year-on-year increase of 28% [1] - The report maintains the earnings per share (EPS) forecast at 2.55 yuan for 2025, with a corresponding price-to-earnings (P/E) ratio of 22.59 [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company's gross margin may be at a temporary low point, but it remains optimistic about the long-term trends in smart chassis and globalization [1] - The company reported a revenue of 2.64 billion yuan in Q1 2025, with a year-on-year increase of 41.8% but a quarter-on-quarter decrease of 21.5% [1] - The net profit attributable to the parent company for Q1 2025 was 270 million yuan, reflecting a year-on-year increase of 28.8% but a quarter-on-quarter decrease of 37.3% [1] - Key customer demand has surged, with production from major clients like Chery and Geely increasing by 29% and 43% year-on-year, respectively [1] - The report notes that the company has successfully expanded its order acquisition, with 416 new projects added in 2024, including various product lines [1] - The expansion of the company's production capacity in Mexico is progressing smoothly, with expectations for significant output increases by 2025 [1] - The financial forecasts for 2025-2027 indicate revenue growth of 30%, 20%, and 19% respectively, with net profit growth of 28%, 22%, and 21% [1] Financial Summary - The total revenue forecast for 2025 is 12.92 billion yuan, with a year-on-year growth of 30.01% [1] - The net profit forecast for 2025 is 1.55 billion yuan, with a year-on-year growth of 27.99% [1] - The earnings per share (EPS) for 2025 is projected to be 2.55 yuan, with a price-to-earnings (P/E) ratio of 22.59 [1] - The gross margin is expected to stabilize around 21.24% by 2026 [8]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is progressing smoothly in new business initiatives, aiming to become a supplier of intelligent chassis systems [1] - In 2024, the company expects revenue of 9.937 billion yuan, a year-on-year increase of 33%, and a net profit of 1.209 billion yuan, a year-on-year increase of 36% [3] - For Q1 2025, the company reported revenue of 2.6 billion yuan, a year-on-year increase of 42%, and a net profit of 270 million yuan, a year-on-year increase of 29% [1] Financial Performance - The company's revenue for 2024 is projected at 12.619 billion yuan, with a year-on-year growth of 28%, and a net profit of 1.556 billion yuan, with a year-on-year growth of 28.7% [4] - The gross profit margin for Q1 2025 is reported at 18.0%, down 2.8 percentage points year-on-year [2] - The company has a strong order backlog and is expanding its product lines, including electric control steering systems and air suspension systems [3] Market Demand and Expansion - The domestic demand for new energy vehicles in Q1 2025 reached 3.075 million units, a year-on-year increase of 47% [1] - The company is expanding its overseas presence with R&D and production bases in the US and Mexico, which is expected to support future growth [1][2] - The company has successfully developed and validated several new products, including the WCBS 2.0B platform and electric control steering products [3] Profitability Forecast - The company forecasts net profits of 1.556 billion yuan in 2025, 2.0 billion yuan in 2026, and 2.58 billion yuan in 2027, with corresponding P/E ratios of 23, 18, and 14 times [3][4]

Core Insights - The company reported a revenue of 9.937 billion yuan for 2024, representing a year-over-year increase of 32.95%, and a net profit attributable to shareholders of 1.209 billion yuan, up 35.60% year-over-year [1] - The fourth quarter saw a revenue of 3.358 billion yuan, with a year-over-year growth of 41.80% and a quarter-over-quarter increase of 28.80% [1] Revenue and Profit Growth - The rapid growth in revenue is attributed to the quick ramp-up of electric control products, with Q4 sales of smart electric control products increasing by 48% year-over-year and 32% quarter-over-quarter, totaling 1.78 million sets [2] - The company added 40 and 22 new designated projects for EPB/WCBS, respectively, contributing to the revenue growth [2] Margin Improvement - The gross margin for 2024 was reported at 21.14%, with Q4 gross margin at 20.86%, which is expected to improve to approximately 22.2% after adjusting for warranty costs [3] - The net profit margin for 2024 increased by 0.2 percentage points year-over-year to 12.2% [3] Global Expansion - The company’s overseas revenue grew by 25.9% year-over-year to 1.09 billion yuan, with a gross margin of 31.9%, significantly higher than domestic operations [4] - The first phase of the Mexican factory has quickly reached production capacity, and the second phase is expected to support major North American automakers [4] Profit Forecast - The company maintains profit forecasts of 1.51 billion yuan and 1.93 billion yuan for 2025 and 2026, respectively, with an expected net profit of 2.42 billion yuan for 2027 [5] - A target price of 65.49 yuan is set for 2025, based on a PE ratio of 26.3 times [5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 67.50 CNY, based on a projected PE ratio of 27 times for 2025 [3][6]. Core Insights - The company is experiencing significant growth in its smart electric control products, with new customer acquisitions contributing to this expansion [2]. - The financial performance for 2024 aligns with expectations, showing a revenue of 99.37 billion CNY, a year-on-year increase of 33.0%, and a net profit of 12.09 billion CNY, up 35.6% [9]. - The company is actively expanding its production capacity and exploring new markets, including intelligent driving and humanoid robotics [9]. Financial Performance Summary - Revenue projections for 2025-2027 are 130.11 billion CNY, 159.62 billion CNY, and 196.98 billion CNY, respectively, with growth rates of 30.9%, 22.7%, and 23.4% [5]. - The net profit for the same period is forecasted to be 15.18 billion CNY, 18.63 billion CNY, and 22.98 billion CNY, reflecting growth rates of 25.6%, 22.8%, and 23.3% [3][5]. - The company’s gross margin is expected to stabilize around 22.0% to 22.5% from 2025 to 2027 [5]. Customer and Market Expansion - The company has successfully added eight new clients, including notable names in the North American market, bringing the total client count to 50 [9]. - The company is focusing on enhancing its product offerings and has a robust pipeline of projects, with 430 projects under research and 309 new projects entering mass production [9]. Production Capacity and Future Plans - The company plans to increase its production capacity significantly, including 100,000 sets per year for floating calipers and 150,000 sets for EPB calipers by 2025 [9]. - The company is also exploring mergers and acquisitions in the intelligent chassis and driving sectors to create business synergies [9].

据IPO早知道消息，智能底盘系统方案商「利氪科技」携最新智能底盘闪耀亮相2025上海车展， 以"让底盘思考，让智驾进化"为核心理念，推出全新版本IHB-LK®（One-box）线控制动系统及智能 底盘2.0核心产品,助力车企在智能化和电动化浪潮中实现品牌跨越。 本届车展上，利氪科技首发多版本 IHB-LK® （One-box）线控制动方案，可适配主机厂不同需求。 系统升级了全新软件架构，其中IHB-LK® GEN3.0可适配全地形等一系列特色功能，目前该功能已 完成全部测试验收，将于2025年中在国内头部车企搭载车型实现量产。 让底盘思考，让智驾进化。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 同时利氪科技积极响应主机厂自主可控的迫切需求，持续投入国产化方案研发，全栈自研 -100%国 产化线控制动IHB-LK® GEN4.0（One-box）方案也将于今年四季度实现量产。 此外 ，面向 即将进入的 智能 底盘 2.0 时代 ， 利氪科技 重磅 发布了 EMB 、线控转向等全新产 品， 系统 各项性能和参数 都具有领先 优势。至此，利氪科技成为了 业内暨率先 开 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Views - The company achieved a revenue of 9.937 billion yuan in 2024, representing a year-on-year growth of 33.0%, and a net profit of 1.209 billion yuan, up 35.6% year-on-year [7][9] - The company is focusing on expanding its electric control projects and advancing towards intelligent driving, with 430 projects under research and 309 new projects entering mass production in 2024 [3][9] - The company is expected to achieve revenues of 12.989 billion yuan, 16.527 billion yuan, and 21.085 billion yuan in 2025, 2026, and 2027 respectively, with corresponding net profits of 1.539 billion yuan, 1.916 billion yuan, and 2.452 billion yuan [9] Financial Summary - Revenue and Profitability: The company reported a revenue of 7.474 billion yuan in 2023, with a projected increase to 9.937 billion yuan in 2024, and a net profit of 891 million yuan in 2023, expected to rise to 1.209 billion yuan in 2024 [1][7] - Profit Margins: The gross margin for 2024 is projected at 21.1%, a decrease of 1.4 percentage points year-on-year, while the net profit margin is expected to be 11.2% [2] - Earnings Per Share (EPS): The latest diluted EPS is projected to be 1.99 yuan in 2024, increasing to 2.54 yuan in 2025 [1][9] Market Position and Growth - The company is a leader in the chassis sector, with significant advancements in intelligent driving technologies and a strong focus on lightweight and electric control products [3][9] - The company has secured mass production contracts with major automotive manufacturers, indicating a robust market position [9]

Core Insights - The company achieved a revenue of 9.937 billion, representing a year-on-year increase of 33.0%, and a net profit attributable to shareholders of 1.209 billion, up 35.6% year-on-year [1][2] Revenue Performance - The company's revenue for 2024 reached 9.937 billion, with Q4 2024 revenue at 3.358 billion, showing year-on-year growth of 41.8% and quarter-on-quarter growth of 28.8% [2] - By business segment, revenue growth for 2024 was as follows: mechanical braking +32%, intelligent electric control +37%, and mechanical steering +16% [2] - Major customers such as Chery, Geely, Changan, and Li Auto saw sales growth of 37%, 32%, 4%, and 33% respectively [2] Profitability Analysis - The gross margin for 2024 was 21.1%, a decrease of 1.4 percentage points year-on-year, while Q4 2024 gross margin was 20.9% [3] - The company’s non-GAAP net profit margin for 2024 was 11.2%, down 0.2 percentage points year-on-year, with specific net profit margins for subsidiaries being 12.5%, 11.3%, and 6.7% [3] Project Development and Capacity Expansion - The company has 430 projects under research, with 309 new projects entering mass production and 416 new projects being designated for production, expected to generate annual revenue of 6.5 billion [4] - In 2024, the company plans to increase production capacity for various components, including 1.25 million EPB calipers and 1.4 million AC6 actuators [4] - The company is actively developing intelligent driving technologies, including L2 and L2+ level ADAS products, and has made progress in electric steering product development [4] Investment Outlook - The company is expected to achieve revenues of 12.99 billion, 16.53 billion, and 21.08 billion in 2025, 2026, and 2027 respectively, with corresponding net profits of 1.54 billion, 1.92 billion, and 2.45 billion [5]