Core Viewpoint - The company reported strong revenue growth in Q1 2025, driven by the expansion of new business lines, particularly airbags and steering wheels, despite a slight decline in gross margin due to changes in product mix [1][2]. Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 536 million yuan, representing a year-on-year increase of 45.34% but a quarter-on-quarter decrease of 18.96% [2]. - The net profit attributable to shareholders for Q1 2025 was 74 million yuan, reflecting a year-on-year growth of 20.47% and a quarter-on-quarter increase of 5.50% [2]. - The comprehensive gross margin for Q1 2025 was 27.94%, down 2.74 percentage points year-on-year but up 1.38 percentage points quarter-on-quarter [2]. Group 2: Business Development - The company is actively expanding and deepening collaborations with both domestic and overseas clients, successfully partnering with major players like BYD, NIO, and Li Auto, and has also secured projects with European clients [3]. - The product mix is being optimized, with the average selling price of safety belt assemblies expected to reach 59.03 yuan per unit in 2024, an increase of 6.53% year-on-year [3]. - The company is focusing on in-house production of components, which is anticipated to enhance gross margins, with plans to establish new production capacities in Anhui [3]. Group 3: Investment Outlook - The company maintains a "Buy-A" rating, with projected net profits of 400 million, 550 million, and 700 million yuan for 2025, 2026, and 2027, respectively, corresponding to PE ratios of 18.7, 13.8, and 10.7 times [3][4]. - A target price of 44.25 yuan per share has been set based on a 25 times PE for 2025 [4].