Financial Performance - In 2025, the company achieved a revenue of 13.048 billion CNY, representing a year-on-year growth of 28.46% [4] - The net profit attributable to shareholders reached 782 million CNY, with a growth of 20.00% compared to the previous year [4] - The return on net assets was 11.66%, an increase of 1.18 percentage points year-on-year [4] Business Segments - The automotive electronics segment generated a revenue of 9.675 billion CNY, growing by 27.25% year-on-year [4] - The precision die-casting segment reported a revenue of 2.859 billion CNY, with a significant year-on-year increase of 38.47% [4] - From 2020 to 2025, the compound annual growth rate (CAGR) for automotive electronics and precision die-casting was 35.66% and 35.08%, respectively [4] Market Position - The company holds the top market share in HUD and in-vehicle wireless charging products domestically, and ranks highly internationally [4] - As of January 2026, the company ranked first in the domestic market for instrument screens and second for central control display screens [4] Capacity Expansion - 2025 marked the largest capacity expansion in the company's history, with a combination of leasing and self-built factories to meet growing order demands [5] - The company is also developing a new factory in Thailand, with several projects already completed [5] Product Development - In 2025, the company launched several innovative automotive electronic products, including the PHUD product and AI BOX in collaboration with Intel [5] - New product applications include smart surfaces and depth-sensing 3D AR-HUD, enhancing the product matrix and competitive edge [5] Non-Automotive Business Expansion - The company is leveraging its technology and R&D capabilities to explore AI and robotics, aiming to establish a second growth curve [6] - In the AI sector, the company has achieved scale production of optical communication modules and high-speed connectors [6] Capital Expenditure Outlook - The company plans to maintain a high level of capital expenditure in 2026, focusing on expanding production bases in Thailand and enhancing automotive electronics capacity [7] - Ongoing capital investments are expected to support sustained rapid growth in business operations [7]

Core Viewpoint - The company provides precision die-casting services, supplying components such as optical communication modules and connectors to clients including Tyco, Molex, Amphenol, Nvidia, and Google [1] Group 1 - The company engages in precision die-casting business [1] - Key clients include Tyco, Molex, and Amphenol [1] - Products supplied include optical communication modules and connectors [1]

| 投资要点 | | --- | 公告要点： 公司发布2025年一季报，业绩符合我们预期。2025Q1公司实现营业收入24.9亿元，同环比 +25.0%/-24.9%，归母净利润 1.6亿元，同环比+9.3%/-16.7%，扣非归母净利润 1.5亿元，同环比 +8.8%/-16.8%。 营业收入同比高增，客户群扩大订单拓展成果显著： 2025Q1公司营收在核心客户赛力斯销量承压的基础上同比高增，公司客户矩阵丰富，汽车电子 及压铸业务均实现了正向增长。汽车电子业务获得新势力车企及合资、国际车企客户的重要突 破，包括大众汽车集团、上汽奥迪、小鹏、理想、蔚来、现代-起亚等多家知名企业，多个产 品订单大幅增加；精密压铸业务也获得了包括采埃孚、博世、比亚迪等重要客户的新项目，铝 合金业务新突破法雷奥、尼得科客户，新能源三电系统、智能驾驶系统、光通讯模块等项目订 单大幅增加。 年降压制毛利率同环比降低，规模效应显现期间费用率同比下降： 未经许可，不得转载或者引用。 考虑到会计准则调整对毛利率和销售费用的影响，追溯后公司2025Q1整体毛利率18.2%，同环 比-2.7pct/-0.9pct，同比下降较多主要为一季度下游车 ...