Investment Rating - The investment rating for the company is "Outperform" (maintained) [3] Core Views - The company has accelerated the R&D of PEEK materials, positioning itself to benefit from the growth in the smart seating sector, particularly in the context of the new energy vehicle boom [3][4] - In Q1 2025, the company reported revenue of 85.46 million yuan, a year-on-year increase of 43.27%, and a net profit attributable to shareholders of 19.84 million yuan, up 18.53% year-on-year [3] - The company is expected to release production capacity from its fundraising projects in mid-2026, maintaining profit forecasts for 2025-2026 and introducing a new profit forecast for 2027 [3][4] Financial Performance Summary - For Q1 2025, the company achieved a revenue of 85.46 million yuan, with a year-on-year growth of 43.27% and a net profit of 19.84 million yuan, reflecting an 18.53% increase [3] - The company’s revenue is projected to grow from 304 million yuan in 2024 to 361 million yuan in 2025, with a compound annual growth rate (CAGR) of 18.5% [5] - The net profit is expected to rise from 79 million yuan in 2024 to 94 million yuan in 2025, maintaining a growth rate of 18.2% [5] Market and Industry Insights - The automotive industry in China is expected to see steady growth in production and sales, with 2024 figures projected at 31.28 million vehicles produced and 31.44 million sold, marking increases of 3.70% and 4.50% year-on-year, respectively [3] - The new energy vehicle segment is anticipated to continue its rapid growth, with production and sales expected to exceed 10 million units in 2024, accounting for over 40% of total vehicle sales [3] - As consumer interest in intelligent seating configurations rises, the market for automotive smart seating components is expected to expand significantly [3]