0 1 事 件 概 述 公司披露2024年年度报告和2025年第一季度报告：1）2024年度实现营收44.09亿元，同比-8.79%；归母净利润4.16亿元，同比-41.71%；扣非归母净利润3.58亿元，同 比-46.76%；2）2025Q1营收10.46亿元，同比-8.12%，环比-7.76%；归母净利润0.96亿元，同比-39.15%，环比+2.53%；扣非归母净利润0.81亿元，同比-42.67%，环 比+10.10%。 公司深耕镁合金半固态注射技术，成功研发半固态注射成型的电机壳体，并已跟国外某客户就镁合金电驱壳体项目开展正式合作。同时，依托铝合金精密加工优势进 军人形机器人领域，聚焦关节壳体、躯干结构件研发，获多家海内外客户项目定点。 0 3 投 资 建 议 0 2 分 析 判 断 公司是新能源车轻量化确定性较强的受益标的，凭借领先的工艺、研发及客户拓展能力，快速抢占市场份额。我们预计公司2025-2027年营收分别为54.7/67.2/82.1亿 元，归母净利为5.3/6.5/8.1亿元，对应EPS分别为0.55/0.68/0.85元。按照2025年4月25日收盘价12.61元，对应PE分别为2 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [4][6]. Core Views - The company is positioned as a strong beneficiary in the lightweighting of new energy vehicles, leveraging its advanced technology, research capabilities, and customer expansion to rapidly capture market share [4]. - The company has made significant progress in overseas project development and the robotics business, with a notable order of approximately 1.9 billion yuan from mainstream North American electric vehicle platforms [3]. - The company is expanding its magnesium alloy capabilities and entering the humanoid robotics sector, focusing on the development of joint shells and torso structural components [3]. Financial Performance Summary - For the fiscal year 2024, the company reported a revenue of 4.409 billion yuan, a year-on-year decrease of 8.79%, and a net profit attributable to shareholders of 416 million yuan, down 41.71% year-on-year [1][5]. - In Q1 2025, the company achieved a revenue of 1.046 billion yuan, a decrease of 8.12% year-on-year, while the net profit attributable to shareholders was 96 million yuan, down 39.15% year-on-year [1][2]. - The gross margin for Q1 2025 was 20.80%, showing a year-on-year decline of 3.01 percentage points but a quarter-on-quarter increase of 3.25 percentage points [2]. Revenue and Profit Forecast - The company is projected to achieve revenues of 5.472 billion yuan, 6.721 billion yuan, and 8.213 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 527 million yuan, 650 million yuan, and 809 million yuan [5][10]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 0.55 yuan, 0.68 yuan, and 0.85 yuan, respectively [5][10]. Cost and Expense Analysis - The report indicates that the company's operating costs for 2024 are projected at 3.515 billion yuan, with a gross margin of 20.28% [10]. - The selling, general, and administrative expenses are expected to be 20 million yuan, 169 million yuan, and 191 million yuan for sales, management, and R&D, respectively, in 2024 [10]. Market Expansion and Capacity Development - The company has initiated the construction of a manufacturing base in Mexico, which is expected to commence production in 2025, and is planning a base in Thailand by the end of 2024 [3]. - The company has secured multiple projects with leading domestic new energy vehicle manufacturers, indicating strong domestic market penetration [3].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a strong potential for growth relative to the benchmark index [4][6]. Core Insights - The company reported a revenue of 4.409 billion yuan for 2024, a year-on-year decrease of 8.79%, and a net profit attributable to shareholders of 416 million yuan, down 41.71% year-on-year [1][4]. - In Q1 2025, the company achieved a revenue of 1.046 billion yuan, a decline of 8.12% year-on-year, while the net profit attributable to shareholders was 96 million yuan, down 39.15% year-on-year [1][2]. - The company is experiencing pressure on its performance but anticipates growth from new projects [2]. Revenue and Profit Analysis - The revenue for Q4 2024 was 1.135 billion yuan, showing a year-on-year decrease of 9.86% but a quarter-on-quarter increase of 0.85% [2]. - The gross margin for Q4 2024 was 17.55%, down 3.31 percentage points year-on-year, while Q1 2025 saw a gross margin of 20.80%, reflecting a recovery trend [2][3]. - The company has a significant customer base, including Tesla, which delivered 336,700 vehicles globally in Q1 2025, a decrease of 12.96% year-on-year [2]. Capacity Expansion and Strategic Initiatives - The company has secured approximately 1.9 billion yuan in orders from major North American electric vehicle manufacturers and is progressing with its overseas capacity expansion, including a base in Mexico expected to commence production in 2025 [3]. - The company is advancing its magnesium alloy technology and has initiated collaborations in the humanoid robot sector, focusing on joint shell and torso structure components [3]. Financial Forecast - The projected revenues for 2025, 2026, and 2027 are 5.472 billion yuan, 6.721 billion yuan, and 8.213 billion yuan, respectively, with corresponding net profits of 527 million yuan, 650 million yuan, and 809 million yuan [5][10]. - The earnings per share (EPS) are expected to be 0.55 yuan in 2025, 0.68 yuan in 2026, and 0.85 yuan in 2027, with price-to-earnings (PE) ratios of 23, 19, and 15, respectively [4][5].