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's revenue for 2024 reached 680.28 million yuan, a year-on-year increase of 16.63%, with a net profit attributable to shareholders of 211.61 million yuan, up 14.76% [1][12]. - In Q1 2025, the company achieved a revenue of 178.99 million yuan, reflecting a growth of 26.15%, and a net profit of 66.82 million yuan, which is a 37.59% increase year-on-year [1][12]. - The overseas business significantly contributed to revenue growth, with international revenue reaching 292.32 million yuan in 2024, a 47.0% increase, accounting for 43.0% of total revenue [1][12]. - The company is expanding into the screw rod sector by establishing a new subsidiary, which is expected to leverage the strengths of its partners in high-end CNC machine tools and intelligent manufacturing [4][11]. Revenue Growth - The company reported a revenue of 487.06 million yuan from the passenger vehicle sector in 2024, marking a 15.68% increase, while the commercial vehicle sector generated 117.29 million yuan, up 17.87% [2][12]. - The growth in revenue is attributed to new projects with clients such as Chery and international commercial vehicle manufacturers [2][12]. Profitability Metrics - The overall gross margin for 2024 was 51.9%, slightly down from 53.34% in 2023, but the company maintained resilience in its margins despite competitive pressures [2][3]. - The net profit margin for 2024 improved to 32.25%, an increase of 0.35 percentage points, supported by a decrease in expense ratios [3][12]. - The return on equity (ROE) for 2024 was 16.36%, up 0.58 percentage points from the previous year, indicating improved profitability [3][12]. Financial Projections - The company forecasts net profits of 246.02 million yuan, 284.93 million yuan, and 330.97 million yuan for 2025, 2026, and 2027 respectively, with corresponding earnings per share (EPS) of 1.80 yuan, 2.09 yuan, and 2.42 yuan [11][12]. - The projected price-to-earnings (P/E) ratios for the next three years are 19x, 17x, and 14x, suggesting a favorable valuation trend [11][12].