海外布局加速，智能执行机构/机器人业务有望打开新空间。海外市场方面，公司正全力加速匈牙利基 地的建设，通过本地化生产提高在欧洲市场的影响力，并积极对接欧洲主流车企，以进一步提升全球市 占率。今年2月，首台KX 260 TWIN 齿轮磨床已在工厂完成验收，预计近期逐步进入试生产阶段，并在 25H2 产生收入。其他业务方面，公司智能执行机构和机器人业务有望迎来较高的增速。公司重点拓展 智能车锁、汽车电动尾门模组等产品，ASP 有望进一步提升。凭借着在减速器领域的积累，公司有望 提供覆盖中等负载的机器人解决方案，稳步推进人形机器人业务布局。 盈利预测：我们预计公司2025-2027 年实现营收104.89/125.73/143.29 亿元， 归母净利润分别为 12.94/14.79/15.43 亿元， EPS 分别为1.53/1.75/1.82 元，给予"推荐"评级。 风险提示：技术应用不及预期、新业务发展不及预期，行业竞争加剧风险。 事件：4 月28 日，公司发布25Q1 业绩报告。报告期内，公司实现营业收入20.65 亿元，同比-0.47%，环 比+1.27%；实现归母净利润2.76 亿元，同比+24.71%， ...

Group 1 - The company approved the 2024 profit distribution plan during the board meeting held on April 23, 2025, which will be submitted to the annual general meeting for approval [2][24]. - The company reported a net profit attributable to shareholders of 1,023,911,091.96 yuan for 2024, with a parent company net profit of 619,716,635.22 yuan [3][4]. - The profit distribution plan includes a cash dividend of 2.26 yuan per 10 shares (tax included), with no bonus shares or capital reserve conversion [4][10]. Group 2 - The total cash dividend is expected to be approximately 189,205,790.89 yuan based on the adjusted total share capital of 837,193,765 shares after accounting for repurchased shares [5]. - The total amount for cash dividends and share repurchases for 2024 is projected to be 309,192,481.89 yuan, representing 30.20% of the net profit attributable to shareholders [5]. - The company has maintained a cash dividend amount exceeding 30% of the average net profit over the last three years, avoiding any risk warning situations [6]. Group 3 - The profit distribution plan is deemed reasonable, considering the company's industry characteristics, development stage, operational model, profitability, debt repayment ability, and future funding needs [7]. - The company has been focusing on the manufacturing of gear transmission products, with its main products including gears for passenger cars, commercial vehicles, engineering machinery, and electric tools [12][13]. - The company is transitioning from traditional gear products to high-precision gears and related components, enhancing its reputation in the international market [12]. Group 4 - The company plans to hold its 2024 annual general meeting on May 16, 2025, where the profit distribution plan and other proposals will be discussed [51][54]. - The meeting will combine on-site voting and online voting, allowing shareholders to participate remotely [53][60]. - The company has established a clear process for shareholder registration and voting, ensuring compliance with legal and regulatory requirements [57][68].