Core Viewpoint - Longsheng Technology has established a three-dimensional matrix of business operations encompassing traditional automotive parts, core products for new energy vehicles, and key components for robotics, marking its evolution from a single component supplier to a system integrator [1][2]. Business Operations - Longsheng Technology's main operations include EGR (Exhaust Gas Recirculation) components, motor iron cores, drive motor assemblies, precision parts, and aerospace business [1]. - The new energy vehicle drive motor iron core business is a significant growth driver, with projected revenue of 1.034 billion yuan in 2024, representing a year-on-year increase of 29.21% [1]. - Longsheng Technology is collaborating with Bosch and Seres on new energy motor assembly projects, with mass production expected in the second half of 2025 [1][2]. Robotics Development - Longsheng Technology is actively developing robotics, particularly humanoid robots, including dexterous hands, harmonic reducers, and joint assemblies [2]. - The "Lansen" humanoid robot, set to launch in June 2024, will perform various tasks on production lines, achieving automation from perception to execution [3]. - The company is integrating its new energy vehicle drive motor technology into robotics, developing high power density and low noise joint motors [5]. Financial Performance - In 2024, Longsheng Technology reported total revenue of 2.397 billion yuan, a year-on-year increase of 31.21%, and a net profit attributable to shareholders of 224 million yuan, up 52.81% [6]. - The revenue growth rate is lower than the profit growth rate, indicating an increase in the proportion of high-margin businesses and improved cost control [6]. - For Q1 2025, the company achieved revenue of 606 million yuan, a year-on-year increase of 7.06%, and a net profit of 59 million yuan, up 11.41% [6].

Core Viewpoint - Longsheng Technology is focusing on the aerospace precision manufacturing sector as one of its main business areas for future development, with plans to supply components for electric vehicles by the second half of 2025 [1] Group 1: Business Development - The company has established a certain foundation for industry expansion through its subsidiary, Weiyan Zhongjia [1] - Longsheng Technology is developing third-generation dexterous hands and has officially launched the "Lansen" robot [1] Group 2: Product Supply Timeline - The Bosch sub-assembly project is expected to start supplying in the second half of 2025 [1] - The electric motor sub-assembly project with Seres is also anticipated to begin supply in the second half of 2025 [1]

事件：4 月25 日，公司发布2025Q1 业绩公告，实现收入6.1 亿元，同环比+7.1%/-19.7%，归母净利0.6 亿元，同环比+11.4%/-17.1%，扣非后归母净利0.6 亿元，同环比+8.2%/+73.5%。 混动EGR 成长趋势明朗，新能源及商用车业务短期承压：2025Q1 公司乘用车EGR 业务预计表现亮眼， 核心客户比亚迪/奇瑞/吉利插混乘用车销量分别同比+75.7%/+299.5%/+69.9%，显著跑赢混动乘用车行 业45.0%的整体增速，持续为公司收入端提供强劲支撑。马达铁芯业务有所承压，核心客户特斯拉中国 区2025Q1 销量同比-21.8%，问界客户因车型周期切换导致需求短期承压。商用车领域，2025Q1 重卡行 业同比微降2.7%，其中公司重点布局的天然气重卡细分市场同比-6.5%。展望后市，随着核心客户新车 型放量及行业需求回暖，预计公司新能源及商用车业务有望在Q2 迎来修复。 毛利率表现环比提升，理财收益、减值冲回增厚净利表现：2025Q1 公司实现销售毛利率18.1%，同环 比-0.5pct/+1.6pct，同比下降主要系会计准则调整， 公司整体对成本端管控得当， 期间 ...