收入增速阶段性表现承压，乘商业务有所分化：公司25Q3 收入同比增速有所放缓，我们判断，主要系 核心业务乘用车EGR 出货量同期高基数影响，25Q3 行业插电混动车型销量同比仅增5.4%，增速较过往 季度明显回落。同时，新能源铁芯业务受主要客户特斯拉在华销量同比下滑2.9%拖累。但受益于天然 气重卡销量同环比双位数增长，对整体业绩形成有效支撑，公司收入表现总体保持稳健。 事件：10 月20 日，公司发布2025 年前三季度业绩公告，实现收入18.1 亿元，同比增长10.1%；归母净 利润2.1 亿元，同比增长36.9%，扣非后归母净利润1.3 亿元，同比下降13.5%。对应Q3 实现收入5.9 亿 元，同比增长0.5%、环比下降5.3%；归母净利润1.1 亿元，同比增长109.8%、环比增长129.1%；扣非后 归母净利润0.3 亿元，同比下降45.1%、环比下降32.5%。 产能爬坡引盈利短期阵痛，总成业务有望驱动修复：公司25Q3 毛利率为15.2%，同比下滑2.7 个百分 点，环比下滑2.8 个百分点，主要系新能源业务仍处产能爬坡期，且新老产品切换对毛利形成阶段性拖 累。当期公司期间费用率同环比上升，主 ...

Core Viewpoint - The company reported strong financial performance for 2024, with significant year-on-year growth in revenue and net profit, driven by core business expansion and optimization of business structure [1][2]. Financial Performance - In 2024, the company achieved revenue of 2.4 billion, a year-on-year increase of 31.2%, and a net profit attributable to shareholders of 220 million, up 52.8% year-on-year [1]. - For Q4 2024, revenue reached 750 million, with a year-on-year increase of 17.8% and a quarter-on-quarter increase of 29.4%. Net profit for the same period was 70 million, reflecting a year-on-year increase of 42.2% and a quarter-on-quarter increase of 40.7% [1]. - The overall gross profit margin for 2024 was 18.0%, with an adjusted margin of approximately 18.6%, up 0.8 percentage points year-on-year [2]. Business Segments - The EGR and injection system segment generated revenue of 730 million, a year-on-year increase of 29.9%. The new energy products segment contributed 1.03 billion, up 29.2%, while the precision parts segment saw revenue of 540 million, a 12.4% increase [1]. - The EGR segment benefited from increased sales of hybrid models from key clients like BYD and Chery, with sales volume reaching 1.355 million units, contributing 320 million in revenue [1]. - The new energy business has established partnerships with leading clients such as Tesla and Seres, with plans to expand into the assembly sector [1]. Strategic Initiatives - The company is accelerating its diversification strategy, focusing on the robotics sector, including humanoid robots and low-altitude aircraft [3]. - A new subsidiary, Longsheng Weirui, was established to enhance capabilities in the robotics field, with plans for an acquisition of Weihan Intelligent to strengthen the transmission segment [3]. - The company anticipates significant growth potential in the automotive precision processing technology that can be applied to robotic joint components [3]. Future Outlook - Revenue projections for 2025-2027 are estimated at 3.11 billion, 3.61 billion, and 4.09 billion, with net profits expected to reach 290 million, 360 million, and 430 million respectively [3].