Group 1: Robotics Business Progress - The company is focusing on humanoid robots and has engaged with overseas clients to develop customized samples based on their technical solutions [2] - Plans to accelerate domestic customer expansion and participate in industry exhibitions to showcase technological achievements in humanoid robotics [2] Group 2: Tailgate Motor Market Share - The company is one of the early entrants in the tailgate motor market, with a deep understanding of market dynamics and product standards [3] - Revenue growth is driven by increased penetration in major clients and the acquisition of new customers [3] Group 3: Thailand Factory Development - The first phase of the Thailand factory focuses on cleaning pumps and motors, with plans to expand to more complex components as business grows [4] - The factory is expected to provide new growth momentum as production lines and customer orders are established [4] Group 4: Autonomous Driving Sector - The domestic autonomous driving sector is rapidly advancing from L2 to L3 levels, with many manufacturers making significant progress [5] - The company is actively communicating with both domestic and international clients to expand its business in this area [5] Group 5: Active Sensing Cleaning System Applications - Active cleaning technology is emerging in specific closed environments like ports and mines, although current application volumes are low [7] - Long-term prospects for active cleaning business in these environments are expected to grow as technology matures and market acceptance increases [7] Group 6: Gross Margin Trends - The company experienced a decline in gross margin due to concentrated rebates and short-term market strategies [7] - Recent quarters have shown stable gross margins, with plans to maintain stability through new customer development [7] Group 7: Competition in ADAS Active Sensing Cleaning System - The company has a first-mover advantage in the cleaning business with a strong technical foundation [7] - The overall market penetration is low, leading to limited competition primarily from foreign enterprises [7]

Core Viewpoints - The traditional cleaning segment remains under pressure, and the motor segment has experienced a decline due to sporadic factors [2] - The company has seen an increase in expense ratios, leading to fluctuations in profitability [2] Financial Performance - In Q1 2025, the company achieved revenue of approximately 203 million, a year-on-year decrease of about 16.04% [1] - The net profit attributable to the parent company was approximately 42 million, a year-on-year decrease of about 35.48% [1] - The gross margin for Q1 2025 was approximately 32.22%, down by about 4.57 percentage points year-on-year [2] - The net profit margin was approximately 20.61%, down by about 6.21 percentage points year-on-year [2] - The total expense ratio was approximately 11.33%, an increase of about 3.48 percentage points year-on-year [2] Business Development - The company has entered the production ramp-up phase for the drum motor products developed in collaboration with Germany's Lenze [3] - New production bases in Thailand and the United States have been completed, strengthening the global production layout [3] - The company has secured batch projects for active perception cleaning systems from clients such as Waymo and Meituan [3] - The company plans to configure a production capacity of 250,000 sets per year for gas-liquid mixed cleaning systems [3] - The matching of harmonic magnetic field motor technology with the customized needs of humanoid robots is expected to open new growth avenues for the company [3] Investment Outlook - The company is expected to see revenue growth from new product applications and project rollouts, with projected revenues of approximately 1.1 billion, 1.27 billion, and 1.47 billion for 2025 to 2027, representing year-on-year growth of approximately 14.7%, 15.2%, and 15.8% respectively [4] - The net profit attributable to the parent company is projected to be approximately 230 million, 270 million, and 320 million for 2025 to 2027, with year-on-year growth of approximately 8.6%, 17.4%, and 17.8% respectively [4] - As of May 6, 2025, the stock price corresponds to a PE ratio of approximately 27.5, 23.5, and 19.9 for 2025 to 2027 [4] Rating - The company maintains a "Buy" rating [5]