Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2] Core Views - The company has shown strong revenue growth, with Q1 2025 revenue at 258 million yuan, a year-on-year increase of 22.37%, and a net profit of 23.68 million yuan, up 320.92% year-on-year [4] - The company is expected to benefit from the increasing penetration of new energy vehicles, particularly in the air conditioning pipe business, leading to revised profit forecasts for 2025-2027 [4][6] - The company is actively expanding its international business and product lines, with a focus on the North American and European markets [5][6] Financial Summary - The company's total revenue for 2024 is projected to be 966 million yuan, with a year-on-year growth of 16.6% [7] - The net profit for 2024 is expected to be 64 million yuan, a decline of 23.1% year-on-year, but is projected to recover to 72 million yuan in 2025 [7][10] - The gross margin is expected to be around 33.3% in 2025, slightly down from 34.0% in 2024 [7][10] - The earnings per share (EPS) is forecasted to be 0.74 yuan in 2025, with a price-to-earnings (P/E) ratio of 24.2 times [4][7] Business Development - The company is expanding its product offerings, particularly in the air conditioning and fuel pipe sectors, with significant growth in hose product revenue, which increased by 46.21% year-on-year [5] - The new factory in Thailand, operational since April 2024, is expected to enhance the company's ability to serve the U.S., European, and Southeast Asian markets [6] - The company's new energy business is projected to account for over 20% of total revenue in 2024, driven by the demand for cooling pipelines in new energy vehicles [6]