Core Viewpoint - Tesla's charging stations have been removed from New Jersey's toll roads, replaced by Applegreen, leading to allegations of corruption from Elon Musk regarding the decision [1][8]. Group 1: Tesla's Position - Tesla claims that during contract renewal discussions with New Jersey, it proposed allowing all vehicles to access its charging network and upgrading existing stations, but these proposals were rejected [7]. - Tesla has established 116 new charging stalls outside New Jersey toll roads to continue providing charging convenience for its users [7]. Group 2: New Jersey's Decision - The New Jersey Turnpike Authority has terminated its contract with Tesla and selected Applegreen as the sole designated charging service provider for the toll roads [5]. - Tesla's existing 64 Supercharger stations are required to cease operations, and no new construction or collaboration with Applegreen is permitted [5]. Group 3: Applegreen's Profile - Applegreen is an Irish-based renewable energy company with limited operations in the U.S., primarily in New York and Connecticut, and lacks the extensive network and recognition of Tesla [8]. - Charging fees at Applegreen are higher than Tesla's, with Tesla charging between $0.20 and $0.45 per kWh, while Applegreen charges between $0.35 and $0.59 per kWh [8].

Core Viewpoint - The company reported its Q1 2025 performance, showing a slight year-on-year growth in revenue and net profit, but significant quarter-on-quarter declines, aligning with market expectations [1]. Financial Performance - Q1 2025 revenue was 2.102 billion yuan, with a year-on-year increase of 3.5% - Net profit attributable to shareholders was 65 million yuan, up 5.2% year-on-year - Non-recurring net profit was 45 million yuan, down 3.9% year-on-year - Quarter-on-quarter comparisons showed a decline of 57.0% in revenue, 86.2% in net profit, and 88.0% in non-recurring net profit [1]. Development Trends - The box transformer business is expected to maintain steady growth, with a projected 700 million yuan order from Saudi Arabia likely to be fulfilled in Q2 2025 - The company anticipates accelerated growth in the box transformer business due to stable domestic market growth and higher gross margins from overseas orders - Charging business saw over 40% growth in charging volume in Q1 2025, with operational scale expanding and a continued trend of reduced losses expected - The sales and construction of charging piles were relatively flat in Q1 due to seasonal factors, but growth is anticipated in Q2 as the industry enters a construction peak [2]. Profitability and Cost Structure - Gross margin decreased by 1 percentage point year-on-year, attributed to a higher proportion of lower-margin box transformer business - Operating expense ratio increased by 0.5 percentage points year-on-year, with management expenses rising by 0.8 percentage points due to seasonal fluctuations in expense allocation [2]. Profit Forecast and Valuation - The company maintains net profit forecasts of 1.214 billion yuan for 2025 and 1.559 billion yuan for 2026 - Using the SOTP valuation method, the estimated value for the new energy charging business is 17.581 billion yuan, while the traditional power equipment business is valued at 14.248 billion yuan (15x 2025E P/E) - The target price is set at 30.15 yuan, indicating a potential upside of 23.1% [3].