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 reported 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 growth in overseas business significantly contributed to the overall performance, 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 manufacturing and supply chain management [4][11]. Revenue and Profitability - The company achieved a gross margin of 51.9% in 2024, slightly down from 53.34% in 2023, but still demonstrating resilience amid competitive pressures [2][3]. - The operating expense ratio decreased to 16.69% in 2024, leading to a net profit margin of 32.25%, an increase of 0.35 percentage points [3][12]. - The return on equity (ROE) improved to 16.36% in 2024, up 0.58 percentage points from the previous year [3][12]. Market Segments - Revenue from the passenger vehicle segment was 487.06 million yuan in 2024, growing by 15.68%, while the commercial vehicle segment generated 117.29 million yuan, up 17.87% [2][12]. - The company is expected to continue stable growth with new projects from clients like Chery and international commercial vehicle manufacturers [2][12]. Financial Forecast - 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, 2.09, and 2.42 yuan [11][12].