Fundraising Overview - The company has issued 21,374,181 convertible bonds with a face value of RMB 100 each, raising a total of up to RMB 2,137,418,100, netting RMB 2,116,023,100 after deducting fees [1][2] - The funds are expected to be in place by November 22, 2024, and have been verified by a certified public accountant [1] Fund Allocation Adjustments - The company has made adjustments to the allocation of the raised funds, reducing the investment in the "Tianxin Manufacturing Center Construction Project" from RMB 471.82 million to RMB 165 million [2] - The "Pinghu Manufacturing Center Construction Project" has been renamed to "Pinghu Base Construction and Power Management Product Expansion Project" with a change in implementation location [2] - The funding for the "Carbon Fiber and Heat Dissipation Precision Parts R&D Production Project" has been adjusted, and a new project for "Key Components and Complete Machine Upgrading for Humanoid Robots" has been added with an allocation of RMB 50 million [2] Fund Management and Supervision - The company has established a special account for the raised funds and signed a tripartite supervision agreement with the bank and the sponsor to ensure proper management and usage of the funds [3][4] - The agreement stipulates that the funds must be used solely for the designated projects and outlines the supervisory responsibilities of the involved parties [5][6]

业绩简评 4 月19 日，公司发布2024 年年度报告： 2024 年实现营收127.02 亿元，同比+15.28%；归母净利润7.84 亿元，同比+28.00%；毛利率20.12%，同 比-1.5pct；净利率7.04%，同比+0.7pct。 4 月30 日，公司发布2025 年Q1 报告： 2025 年Q1 实现营收34.16 亿元，同比+15.05%；归母净利润2.12亿元，同比+16.25%；销售毛利率 19.79%，同比-0.33pct；销售净利率6.97%，同比+0.07pct。 经营分析 （1）分板块拆分：公司2024 年乘用车板块收入70.90 亿元，同比+30.63%，毛利11.64 亿元，同比 +24.11%，预计主要受益于新能源汽车渗透率的提升以及新项目定点的突破；商用车、非道路板块收入 41.76 亿元，同比-7.52%，毛利9.71 亿元，同比-11.99%；数字与能源板块收入10.27 亿元，同比 +47.44%。从盈利能力看，2024年乘用车板块毛利率16.42%，同比-0.5pct，预计主要系客户结构变化所 致；商用车、非道路板块毛利率23.24%，同比+0.9pct。 （2） ...

Investment Rating - The report maintains a "Buy" rating for the company [5][8]. Core Views - The company is expected to achieve a revenue of 6.744 billion RMB in 2024, representing an 18.25% year-on-year increase, while the net profit attributable to the parent company is projected to be 359 million RMB, a decrease of 11.63% year-on-year due to intense competition in the structural components business [1][7]. - The energy storage business is expected to benefit from strong growth in downstream demand, with a projected revenue of 1.217 billion RMB in 2024, a significant increase of 123% year-on-year [3]. - The company is expanding into the humanoid robot sector, which is anticipated to provide substantial growth opportunities [4]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 1.866 billion RMB, with a quarter-on-quarter increase of 8.24% and a year-on-year increase of 3.84%. However, the net profit for the same period was 90 million RMB, reflecting a decrease of 30.21% year-on-year [2]. - The gross margin for Q4 2024 was 14.72%, showing a quarter-on-quarter increase, while the net margin was 4.76%, slightly down by 0.63 percentage points [2]. Business Segments - The energy storage segment is projected to grow significantly, with a major contract worth 300-400 million RMB expected to support revenue in 2025 [3]. - The new energy vehicle segment is forecasted to generate 3.813 billion RMB in revenue in 2024, a 4% increase year-on-year, although the gross margin is expected to decline by 6 percentage points due to increased competition [3]. Strategic Initiatives - The company is focusing on global expansion, with plans to invest in a subsidiary in Thailand and leverage its factory in Mexico to integrate into the North American automotive supply chain [4]. - Collaborations with research institutions for the development of key components for humanoid robots are underway, indicating a strategic move into a high-potential market [4]. Valuation - The report adjusts the net profit forecasts for 2025 and 2026 to 456 million RMB and 534 million RMB, respectively, while introducing a new forecast for 2027 at 700 million RMB. The target price is set at 62.44 RMB, based on a price-to-earnings ratio of 28 times for 2025 [5][9].