25H1 公司毛利率同比上升1.4pct 至36.4%（彭博一致预期中值35.4%），主因社交娱乐收入分成下降， 同时内容授权成本控制良好。25H1 公司销售费用同比减少55.8%，由3.69 亿元降至1.63 亿元（对应费 用率下降4.8pct），其中推广及广告费用同比由3.29 亿元下降至1.08 亿元，主因公司采取更为审慎的推 广策略。得益于良好的成本费用控制，25H1 经营利润同比增长40.8%至8.45 亿元，验证可持续盈利能 力。25H1 经调整净利润同比增长121%至19.46 亿元，其中确认全资子公司产生的递延所得税抵免8.49 亿元，去掉该一次性影响后，经调整净利润约11 亿元，yoy+25%。 维持"买入"评级 考虑到25H1 毛利率及销售费用率优化好于预期，经营杠杆有望持续兑现，并考虑到一次性递延税项的 影响，我们预计25/26/27E 调整后归母净利润为30.91/26.56/29.83（上调61%/29%/36%）。考虑到公司稳 定盈利，从DCF切换为PE 估值，基于26 年调整后归母净利润（避免一次性税项影响），给予公司 26.86x 26E PE（同可比公司彭博一致预期均值），目 ...

Core Viewpoint - The company reported a strong financial performance for 2024, with significant growth in revenue and net profit, driven by increased sales of key products and effective cost management [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 1,460.65 million yuan, a year-on-year increase of 15.61% [1] - The net profit attributable to shareholders reached 190.59 million yuan, up 17.18% year-on-year [1] - The gross margin for the main business was 22.62%, a decrease of 0.41 percentage points compared to 2023 [2] - The net profit margin improved to 12.98%, compared to 12.86% in 2023 [2] Product Sales and Revenue - Sales of electronic shift assemblies reached 3.1 million units, a year-on-year increase of 31.36% [1] - Sales of electronic accelerator pedal assemblies totaled 7.43 million units, up 29.44% year-on-year [1] - Revenue from the electronic accelerator pedal assembly grew by 32.3% year-on-year, while revenue from the shift control system assembly and soft shaft increased by 4.68% [1] Cost and Expense Management - The company maintained excellent control over expenses, with a total expense ratio (selling, administrative, and R&D) of 9.1%, down 2.51 percentage points year-on-year [2] - The average return on equity (ROE) increased to 9.41%, a growth of 1.16 percentage points year-on-year [2] Cash Position and Dividends - The company reported cash and cash equivalents totaling 1.02 billion yuan, with short-term borrowings of only 45.65 million yuan [3] - The dividend payout ratio for 2024 was 81.93%, indicating a commitment to returning value to shareholders [3] Market Expansion and Future Outlook - The company is expanding its market presence, with new foreign and joint venture clients including Stellantis, Renault, SAIC Audi, GAC Toyota, and ZF [3] - Forecasted net profits for 2025-2027 are 221 million yuan, 256 million yuan, and 299 million yuan, respectively, with corresponding EPS of 0.99, 1.15, and 1.34 yuan [3] Valuation - The current price-to-earnings (PE) ratios are projected at 15x for 2025, 13x for 2026, and 11x for 2027, maintaining a "recommended" rating [4]