Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to market benchmarks [5][11]. Core Insights - The company's revenue for 2024 reached 680.28 million yuan, a year-on-year increase of 16.63%, with a net profit attributable to shareholders of 211.61 million yuan, up 14.76% [1][12]. - In Q1 2025, the company achieved a revenue of 178.99 million yuan, reflecting a growth of 26.15%, and a net profit of 66.82 million yuan, which is a 37.59% increase year-on-year [1][12]. - The overseas business significantly contributed to revenue growth, with international revenue reaching 292.32 million yuan in 2024, a 47.0% increase, accounting for 43.0% of total revenue [1][12]. - The company is expanding into the screw rod sector by establishing a new subsidiary, which is expected to leverage the strengths of its partners in high-end CNC machine tools and intelligent manufacturing [4][11]. Revenue Growth - The company reported a revenue of 487.06 million yuan from the passenger vehicle sector in 2024, marking a 15.68% increase, while the commercial vehicle sector generated 117.29 million yuan, up 17.87% [2][12]. - The growth in revenue is attributed to new projects with clients such as Chery and international commercial vehicle manufacturers [2][12]. Profitability Metrics - The overall gross margin for 2024 was 51.9%, slightly down from 53.34% in 2023, but the company maintained resilience in its margins despite competitive pressures [2][3]. - The net profit margin for 2024 improved to 32.25%, an increase of 0.35 percentage points, supported by a decrease in expense ratios [3][12]. - The return on equity (ROE) for 2024 was 16.36%, up 0.58 percentage points from the previous year, indicating improved profitability [3][12]. Financial Projections - The company forecasts net profits of 246.02 million yuan, 284.93 million yuan, and 330.97 million yuan for 2025, 2026, and 2027 respectively, with corresponding earnings per share (EPS) of 1.80 yuan, 2.09 yuan, and 2.42 yuan [11][12]. - The projected price-to-earnings (P/E) ratios for the next three years are 19x, 17x, and 14x, suggesting a favorable valuation trend [11][12].

新坐标（603040.SH）：海外贡献业 绩增长，设立控股子公司进军丝杠 领域 近日，公司发布 2024 年财报及 2025 年一季报：2024 年公司实现营业收入 68,028.21 万元，同比增长 16.63%，实现归母净利润 21,160.51 万元，同比增 长 14.76 %。2025 年一季度实现营收 17,899.06 万元，同比增长 26.15%，归 母净利润 6,681.67 万元，同比增长 37.59%，对此，我们点评如下： 海外业务贡献业绩增长。2024 年公司境外营收规模为 29,231.90 万元，同比 增长 47.0%，境外营收占比 43.0%。其中两个海外子公司营收规模均实现增长， 尤其是欧洲公司。欧洲新坐标 2024 年实现营收 16,556.08 万元，同比增长 77.5%，墨西哥新坐标 2024 年营收为 4,295.32 万元，同比增长 24.9%。海外 业务的持续增长受益于公司产品在原有客户内部份额的提升和新客户的开拓， 如欧洲大众、MAN、卡特彼勒、Stellantis 等新项目陆续投产。我们认为，海 外业务的持续增长正是公司在技术、成本及服务响应等方面竞争力的体现。 ...