Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company's revenue faced short-term pressure, with Q1 2025 revenue at 1.11 billion, a year-on-year decrease of 10.55% and a quarter-on-quarter decrease of 9.61%. The company has established a strong brand reputation and customer base, serving over 200 major clients globally, including more than 130 in the new energy sector [2] - The gross profit margin significantly improved to 25.33% in Q1 2025, an increase of 4.84 percentage points year-on-year, driven by product structure optimization and cost control. The net profit margin after deducting non-recurring items rose to 11.08%, up 2.21 percentage points year-on-year, indicating enhanced profitability [3] - The company is expanding its new energy business, with electronic water pump products gaining market share in the domestic new energy passenger vehicle market. The company is also actively developing non-automotive businesses, focusing on sectors such as 5G base stations and AI computing centers, which are expected to drive a second growth curve [4] - The traditional business remains stable, with turbocharger housings benefiting from the penetration of hybrid models and export growth. The company is accelerating its global layout, with a production base in Thailand expected to be completed by September 2025, which will help mitigate tariff risks and optimize the supply chain [5] Financial Forecasts - The company maintains its profit forecasts for 2025 and 2026, with new profit projections for 2027. Expected revenues for 2025, 2026, and 2027 are 5.87 billion, 7.06 billion, and 8.14 billion respectively, with net profits of 452 million, 587 million, and 700 million. The EPS for these years is projected to be 0.79, 1.02, and 1.22 respectively [8]