Investment Rating - The investment rating for the company is Neutral (maintained) [2] Core Views - The company has shown initial results in cost control, with a significant increase in automotive electronics contributing to profit recovery [6] - The company reported a revenue of 5.541 billion yuan in 2024, representing an 18.5% year-on-year growth, while the net profit attributable to the parent company was a loss of 550 million yuan [6] - In Q1 2025, the company achieved a revenue of 1.328 billion yuan, a 49.3% increase year-on-year, indicating a narrowing of losses [6] - The company is actively expanding its international market presence, securing contracts with major OEMs and enhancing its global service capabilities [6] Financial Data and Profit Forecast - Total revenue projections for 2025E are 7.335 billion yuan, with a year-on-year growth rate of 32.4% [5] - The company expects to achieve a net profit of 28 million yuan in 2025E, with a significant turnaround projected for 2026E at 175 million yuan [5] - The gross margin is expected to improve from 21.5% in 2024 to 23.8% in 2025E, reflecting better cost management and product mix [5] - The company anticipates a gradual recovery in profitability, with a projected return on equity (ROE) of 0.7% in 2025E, increasing to 6.2% by 2027E [5] Revenue and Cost Analysis - The company’s operating revenue is forecasted to grow from 5.541 billion yuan in 2024 to 10.207 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 14.8% [7] - Research and development expenses are expected to stabilize, with a decrease in the R&D expense ratio from 18.7% in 2024 to 12.6% by 2027, indicating improved operational efficiency [6][7] - The company is focusing on the production of smart driving electronic products and chassis domain controllers, which are expected to contribute significantly to revenue growth [6]

磐石底盘由宁德时代旗下子公司时代智能研发生产，以高安全、强性能及高度智能化为核心，搭载轴向 磁通分布式电驱动系统、智能低压供配电系统，采用全线控技术，实现120km/h正面碰撞不起火不爆 炸。 磐石底盘通过仿生设计与材料的创新应用实现底盘结构革命，借鉴生物力学原理的"立体式龟甲结构"， 叠加航母式阻拦结构，确保碰撞发生时，多重阻拦路径分散力传导，车辆逐级减速，降低障碍物侵入车 体的深度和速度，同时，结合潜航级热成型钢与航天铝，保证了超高速冲击下的底盘结构支撑强度和稳 定性。 转自：中国质量报 本报讯 （记者徐建华）4月23日，宁德时代新能源科技股份有限公司（以下简称"宁德时代"）高安全旗 舰版滑板底盘——磐石底盘在上海车展亮相。 面向未来高阶自动驾驶需求，磐石底盘已完成全线控技术的开发适配与测试验证，取消制动踏板与前围 板、前机舱的机械连接，为左右舵共平台开发及智能座舱多样性开发提供了更多可能。此外，磐石底盘 软件上打通了电气标准化接口、软件标准化接口，可快速适配各类智驾方案，减少客户重复开发和适配 工作量；硬件上采用模块化设计，可根据不同车型需求为客户匹配不同的解决方案套件，实现个性化定 制开发。 截至目前 ...