事件 公司发布2025 年一季报，2025Q1 实现营收30.22 亿元，同比+20%，环比-12%，实现归母净利润3.87 亿 元，同比+26%，环比-15%，实现扣非归母净利润3.53 亿元，同比+20% ， 环比-23% 。毛利率和净利率 分别为22.20%/12.77%, 同比提升0.02/0.47pct，环比下降5.06/0.44pct。2025Q1 业绩略超市场预期。 海外产能加速推进，完善全球化布局 截至2024 年底，公司在全球拥有16 个生产基地（国内13 个+欧洲3 个）。公司已在瑞典、德国、匈牙 利等地布局产能，同时开启在美国、马来西亚的业务布局，为多个客户提供就近配套服务，在降低物流 成本的同时增强供应链合作关系，全球市占率或持续提升。 深耕客户服务，拓展国内外市场 公司客户群体覆盖CATL、中创新航、LG、松下、特斯拉、三星、亿纬锂能、欣旺达等下游知名电池 厂，巩固并深化了与现有大客户的合作关系，确保了长期战略合作的稳固性。同时公司积极拓展国内外 市场，于2025Q1 与因湃电池签订了 《战略合作协议》，获得了其未来五年动力及储能电池结构件的 100%供应份额。 积极发展机器人业务， ...

点评： 业绩表现超预期，归母净利率Q1 同比提升。1Q25 公司实现营收30.22 亿元，同比+20.5%；实现归母净 利3.87 亿元，同比+25.5%。从盈利能力看，1Q25 公司毛利率达22.2%，同比基本持平，归母净利率达 12.8%，同比+0.5pct。费用端公司持续控费降本，管理和研发费用率同比下滑， 1Q25 公司销售/ 管理/ 研发/ 财务费用率分别为0.4%/2.3%/5.1%/1.3%，分别同比+0.0/-0.4/-0.2/+0.7pct。 国内优质客户持续拓展，海外产能稀缺，出货提升可期。基于公司在全球拥有 16 个结构件生产基地 （国内 13 个+欧洲 3 个）的配套优势，公司不断深化现有大客户（CATL、LG、特斯拉、松下、中创新 航、亿纬锂能、欣旺达等）份额的同时，25 年2 月，公司与因湃电池签订了《战略合作协议》，获得了 其未来五年动力及储能电池结构件的 100%供应份额，客户广度持续拓展。海外方面，24 年公司海外营 收5.7 亿元，同比+7%。目前公司瑞典和匈牙利一期生产基地已经投产放量，匈牙利二期稳步扩产，德 国生产基地待客户订单放量亦可快速投入生产，马来西亚和美国项目前 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's performance exceeded expectations, with a significant year-on-year increase in net profit margin for Q1 2025. The company achieved a revenue of 3.022 billion yuan in Q1 2025, representing a year-on-year growth of 20.5%, and a net profit of 387 million yuan, up 25.5% year-on-year [7] - The company is expanding its domestic high-quality customer base while facing a shortage of overseas production capacity, indicating potential for increased shipments. The company has established a strategic cooperation agreement with Inpai Battery for 100% supply of structural components for power and energy storage batteries over the next five years [7] - The robotics business is successfully shipping products, with significant growth potential. The company’s subsidiary, Shenzhen Kemon, focuses on harmonic reducers and has launched several new core transmission technology products for humanoid robots [7] - The investment analysis suggests a slight upward adjustment in profit forecasts for 2025-2026, with new profit projections for 2027. Expected net profits for 2025-2027 are 1.813 billion, 2.200 billion, and 2.623 billion yuan respectively, corresponding to PE ratios of 20, 17, and 14 [7] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 14.505 billion yuan, with a year-on-year growth rate of 20.6%. The net profit for 2025 is estimated at 1.813 billion yuan, reflecting a growth rate of 23.2% [6] - The gross profit margin is expected to be 24.0% in 2025, with a return on equity (ROE) of 14.0% [6] - The company’s financial summary indicates a steady increase in revenue and net profit over the next few years, with total revenue expected to reach 20.220 billion yuan by 2027 [9]