Investment Rating - The investment rating for the company is "Buy" [3] Core Insights - The company reported Q1 2025 financial results that met expectations, with revenue of 1.22 billion yuan, a year-on-year increase of 30%, and a gross profit of 240 million yuan, up 19% year-on-year [2][3] - The company has accelerated its global strategy, including partnerships with major automotive brands and the establishment of global supply chain and R&D centers [3] - The company has adjusted its revenue forecasts for 2025-2027 due to increased market competition, projecting revenues of 6.09 billion yuan, 7.43 billion yuan, and 9.10 billion yuan respectively [3] Financial Performance Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 5.561 billion yuan, 6.091 billion yuan, 7.434 billion yuan, and 9.102 billion yuan respectively, with year-on-year growth rates of 18.3%, 9.5%, 22.0%, and 22.4% [3][10] - The net profit attributable to the parent company is projected to be -936 million yuan in 2024A, -226 million yuan in 2025E, 152 million yuan in 2026E, and 207 million yuan in 2027E, with a significant turnaround expected in 2026 [3][10] - The company’s earnings per share (EPS) is expected to be -2.78 yuan in 2024A, -0.67 yuan in 2025E, 0.45 yuan in 2026E, and 0.61 yuan in 2027E [10] Strategic Developments - The company has successfully collaborated with Geely, leading to a significant increase in product shipments, with a quarterly shipment of 684,000 units in Q1 2025, an 81% year-on-year increase [2][3] - The company has secured eight new projects under Geely's next-generation electronic architecture, enhancing its product offerings [2][3] - The company is preparing to establish a global supply chain center and a global R&D center in Singapore, indicating a commitment to expanding its international presence [3]