业绩符合预期，智能执行机构、减速器增速亮眼。1）收入端，剔除钢贸业 务影响，公司可比口径下主营业务 2025H1 实现收入 42.3 亿元，同比 +12%。2）分业务看，乘用车/工程机械/商用车齿轮分别实现收入 27/3.5/3.2 亿元，同比+13%/+12%/-30%，与行业趋势一致（2025H1， 国内乘用车销量同比+13%，欧洲商用车销量同比-13%）。新业务方面， 2025H1 智能执行机构/减速器及其他分别实现收入 4.3/3.5 亿元，同比 +52%/+36%，贡献业绩增长重要增量。3）公司 2025Q2 实现毛利率 27.3%，环比+0.47 PCT；期间费用率合计 11.0%，环比+0.4 PCT，其中 销售/管理/研发/财务费用率分别环比+0.2/+0.1/+0.4/-0.3 PCT，盈利能 力整体稳中有升。 传动齿轮价值量提升，全球化布局持续推进。公司新能源传动齿轮竞争力 强，电驱动技术升级迭代有望带动单车价值量持续提升。海外项目方面， 截止 2024 年，公司 Stellantis、舍弗勒等国际客户全球平台项目的批量稳 定交付，公司积极布局匈牙利、越南产能，并以匈牙利基地为核心战略支 ...

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company's performance in Q1 2025 met expectations, with revenue of 2.06 billion yuan, showing a year-on-year increase of 12.5% in core business revenue after excluding other businesses [1]. - The profitability indicators for Q1 2025 were strong, with a gross margin of 26.8% and a net margin of 14.0%, reflecting year-on-year increases of 4.2 percentage points and 2.9 percentage points, respectively [1]. - The company is benefiting from cost reduction and efficiency improvement initiatives, which are expected to continue driving performance [1][2]. Financial Performance Summary - Revenue is projected to grow from 8.074 billion yuan in 2023 to 15.039 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 17.8% [3]. - Net profit is expected to increase from 816 million yuan in 2023 to 1.868 billion yuan in 2027, with a CAGR of about 20.4% [3]. - The earnings per share (EPS) is forecasted to rise from 0.96 yuan in 2023 to 2.20 yuan in 2027 [3]. Business Development - The company is expanding its global footprint, particularly in the new energy transmission gear business, which is expected to enhance the value per vehicle significantly [2]. - Collaborations with leading domestic manufacturers in the smart home and automotive sectors are expected to drive growth in the smart actuator business [2]. - The company has established stable delivery of projects for international clients, which is anticipated to accelerate growth beyond the industry average [2].