Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1][10]. Core Views - The company reported a Q1 2025 revenue of 57.46 billion, a year-on-year increase of 1.9%, and a net profit attributable to shareholders of 2.71 billion, up 4.3% year-on-year. The comparable net profit, excluding one-time impacts, is approximately 3.18 billion, reflecting a year-on-year growth of 22.4% [7][10]. - The heavy truck market is showing signs of recovery, with the company positioned as a leader in heavy truck engines. The domestic market's recovery, expansion into export markets, and the growth of natural gas heavy trucks are expected to support stable profit growth for the company [7][10]. - The company is accelerating its transformation with diversified business opportunities, including large-bore engines and power batteries, which are anticipated to contribute to future growth [7][10]. Financial Summary - The company is projected to achieve total revenue of 227.7 billion, 244.5 billion, and 263.5 billion for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 6%, 7%, and 8% [9][10]. - The net profit attributable to shareholders is expected to be 12.3 billion, 13.9 billion, and 15.7 billion for the same years, with growth rates of 8%, 12%, and 13% respectively [9][10]. - The earnings per share (EPS) are forecasted to be 1.42, 1.59, and 1.81 for 2025, 2026, and 2027, corresponding to price-to-earnings (P/E) ratios of 11, 9, and 8 times [9][10].