Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company's Q1 2025 performance met market expectations, with a revenue of 4.395 billion yuan, a year-on-year increase of 11.55%. However, the net profit attributable to shareholders decreased by 43.44% to 175 million yuan, primarily due to last year's investment gains from the disposal of subsidiary equity. The non-recurring net profit attributable to shareholders increased by 32.85% to 168 million yuan [1][2] - The gross margin slightly improved to 18.96%, up by 1.26 percentage points year-on-year, while the expense ratio decreased by 0.69 percentage points to 12.58%, indicating ongoing cost control efforts [3] - The company is focusing on a "dual pillar + artificial intelligence" strategy to enhance its global layout, aiming to strengthen its traditional consumer electronics business while expanding its new energy business, particularly in energy storage systems. The company is also developing its artificial intelligence innovation business, targeting humanoid robot core components and high-speed communication products [4] Financial Summary - The company forecasts revenue for 2025-2027 to be 18.877 billion, 21.838 billion, and 24.383 billion yuan, representing year-on-year growth of 11.5%, 15.7%, and 11.7% respectively. The net profit attributable to shareholders is expected to be 865 million, 1.007 billion, and 1.168 billion yuan, with growth rates of 12.1%, 16.3%, and 16.0% respectively [8][10] - The earnings per share (EPS) for 2025-2027 are projected to be 0.64, 0.74, and 0.86 yuan, with corresponding price-to-earnings (PE) ratios of 33.04x, 28.40x, and 24.48x [8][10]

2024 年 11 月 26-29 日， 菲亚特动力科技携其最新适用于非道路应用的产品，包括传统内燃机和电驱动力总成产品盛装亮相 bauma CHINA 2024 。 展会现场，菲亚特动力科技的F28、F36、NEF 67和Cursor 9四款发动机产品与eAX 375-R电驱桥交相辉映，恰似一份亮眼"成绩单"，力证了其多元战略方针硕果累 累。 满足工程机械所有 动力 需求的全系列解决方案 菲亚特动力科技采取"双支柱"战略方针，一方面持续投资内燃机研发，另一方面定义其自身为零排放解决方案供应商，这使其提供的产品可以满足工程机械行业 的所有需求，并完全满足欧盟Stage V和国四的排放法规要求。 内燃机研究方面，菲亚特动力科技持续加大对内燃机的投入，并认为内燃机在该品牌的脱碳计划中处于核心地位。 宽泛的功率范围可满足大量的应用需求，适用 于包括挖掘机、轮式装载机、滑移装载机、平地机、推土机、叉车、扫雪机和起重机等移动设备，也作为辅助动力源使用。从无排放法规到欧盟Stage V，所有产 品均可满足各种排放法规要求，并具有极大灵活性的设计，并可根据要求进行定制。 细看展出的各型号发动机，更是亮点纷呈：F28是一款单 ...