事件简评 2025 年 4 月 29 日，公司发布 2025 年第一季度报告，2025 年 Q1 公司实现营业收入 18.56 亿元，同比减少 12.59%；实现归母净利 润 1.18 亿元，同比减少 37.30%。 业务调整致收入短期承压，盈利能力环比改善：受锐凌无线车载 前装业务剥离影响，公司 2025 年 Q1 营收同比下滑 12.6%。剔除锐 凌无线车载前装业务影响后，我们认为公司 1Q25 营收同比增长。 盈利端由于锐凌无线业务毛利率较高，剥离该业务后公司产品结 构受到影响，毛利率承压。1Q25 毛利率 17%，同比下降 4.51pct， 但环比提升 2.04pct，我们预计 2025 年公司毛利率环比将逐渐趋 稳。费用端看，公司经营效率有所提升，销售费用同比下降 34.65%， 财务费用因汇兑损失减少骤降 93.57%。公司 1Q25 净利率 6.5%， 环比增加 5.5pct，有所改善。 车载、FWA 支撑主业增长：我们预计公司收入主要由车载业务与 FWA 业务贡献。其中车载业务主要受新客户拓展的驱动，FWA 业务 则受益于 5G 渗透率提升带来海外市场的开拓。2024 年美国、印度 的 5G ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [5]. Core Views - The company achieved total revenue of 8.2 billion yuan in 2024, a year-on-year increase of 6%, and a net profit attributable to shareholders of 670 million yuan, up 18.5% year-on-year [1]. - The growth in 2024 is primarily driven by the domestic automotive electronics and 5G Fixed Wireless Access (FWA) business, which is expected to continue benefiting from the acceleration of 5G technology [1][2]. - The company has invested significantly in research and development, with 720 million yuan allocated in 2024, representing 9% of its revenue, and has established a robotics product line to capitalize on opportunities in the robotics sector [2]. Financial Summary - Revenue and Profit Forecasts: - Expected revenues for 2025, 2026, and 2027 are projected at 8.5 billion, 10 billion, and 11.2 billion yuan, respectively [3]. - Net profit forecasts for the same years are 630 million, 770 million, and 860 million yuan, respectively [3]. - Key Financial Metrics: - The company’s P/E ratios for 2025, 2026, and 2027 are estimated to be 30, 25, and 22 times, respectively [3]. - The net asset return rate is expected to remain stable around 18.5% in 2024, with slight fluctuations in the following years [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [5]. Core Views - The company achieved total revenue of 8.2 billion yuan in 2024, a year-on-year increase of 6%, and a net profit attributable to shareholders of 670 million yuan, up 18.5% year-on-year [1]. - The growth in 2024 is primarily driven by the domestic automotive electronics and 5G Fixed Wireless Access (FWA) business, which is expected to continue benefiting from the acceleration of 5G technology [1][2]. - The company has invested significantly in research and development, with 720 million yuan allocated in 2024, representing 9% of its revenue, and has established a robotics product line to capitalize on opportunities in the robotics sector [2]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 8.2 billion yuan, with a year-on-year growth rate of 6.1% [4]. - The net profit attributable to shareholders for 2024 was 670 million yuan, reflecting an 18.5% increase compared to the previous year [4]. - The projected revenues for 2025, 2026, and 2027 are 8.5 billion yuan, 10.0 billion yuan, and 11.2 billion yuan, respectively, with corresponding net profits of 630 million yuan, 770 million yuan, and 870 million yuan [3][4]. Market Position and Strategy - The company is positioned as a leading player in the module industry, with a comprehensive layout across various downstream sectors, which is expected to yield benefits as 5G technology proliferates [1][2]. - The establishment of a robotics product line in 2023 aims to leverage the growing demand in the robotics industry, with the launch of an automatic lawn mowing robot solution in June 2024 [2]. Future Outlook - The company is expected to see revenue growth driven by the AIoT market and robotics applications, with anticipated revenues of 8.5 billion yuan in 2025 and a net profit of 630 million yuan [3]. - The report suggests that the company’s strong management efficiency and market leadership will contribute to gradual improvement in its operational performance [3].