0 1 事 件 概 述 公司披露 2024 年年度报告和 2025 年第一季度报告： 1 ） 2024 年度实现营收 188.54 亿 元 ， 同 比 +9.33% ；归母净利润 12.52 亿元，同比 +10.63% ；扣非归母净利润 10.75 亿元，同比 +10.06% ； 2 ） 2025Q1 营收 48.54 亿元，同比 +3.45% ，环比 +11.37% ；归母净利润 4.03 亿元，同比 +11.52% ，环 比 +101.46% ；扣非归母净利润 3.67 亿元，同比 +21.43% ，环比 +189.02% 。 0 2 分 析 判 断 ► 2024 圆满收官 2025Q1 符合预期 1 ）收入端： 公司 2024Q4 营收 43.59 亿元，同比 -2.50% ，环比 -9.68% ； 2025Q1 营收 48.54 亿 元，同比 +3.45% ，环比 +11.37% ，在手订单释放带动营收稳健增长； 2 ）利润端： 公司 2024Q4 归母净 利润 2.00 亿元，同比 -21.84% ，环比 -40.48% ，同环比下滑系减值影响； 2025Q1 归母净利润 4.03 亿 元，同比 + ...

Core Insights - The company reported a revenue of 18.854 billion yuan for 2024, representing a year-on-year increase of 9.33%, and a net profit attributable to shareholders of 1.252 billion yuan, up 10.63% year-on-year [1] - For Q1 2025, the company achieved a revenue of 4.854 billion yuan, a year-on-year increase of 3.45% and a quarter-on-quarter increase of 11.37%, with a net profit of 403 million yuan, up 11.52% year-on-year and 101.46% quarter-on-quarter [1][2] Revenue Performance - In Q4 2024, the company recorded a revenue of 4.359 billion yuan, down 2.50% year-on-year and 9.68% quarter-on-quarter, while Q1 2025 showed a recovery with a revenue of 4.854 billion yuan [2] - The company’s order backlog has contributed to stable revenue growth, indicating a positive outlook for future performance [2] Profitability Analysis - The gross profit margin for Q4 2024 was 24.52%, an increase of 1.22 percentage points year-on-year and 2.07 percentage points quarter-on-quarter, while Q1 2025 saw a gross profit margin of 23.32%, up 0.90 percentage points year-on-year but down 1.20 percentage points quarter-on-quarter [2] - The net profit for Q4 2024 was 200 million yuan, down 21.84% year-on-year and 40.48% quarter-on-quarter, primarily due to impairment impacts [2] Cost Structure - The company’s expense ratios for Q4 2024 were 1.54% for sales, 5.89% for management, 3.98% for R&D, and 0.87% for financial expenses, showing a mixed trend in year-on-year and quarter-on-quarter changes [2] - In Q1 2025, the expense ratios were 2.37% for sales, 5.51% for management, 5.04% for R&D, and 0.92% for financial expenses, reflecting normal fluctuations [2] Business Development - The company is actively expanding in the new energy vehicle sector, focusing on intelligent chassis systems and has achieved significant order growth in thermal management, lightweighting, and air suspension systems [3] - The company has signed multiple strategic cooperation agreements to expand its humanoid robot product line, indicating a strong commitment to this emerging market [3] Future Projections - Revenue projections for 2025-2027 are estimated at 21.68 billion, 24.39 billion, and 27.69 billion yuan, with net profits of 1.65 billion, 1.89 billion, and 2.17 billion yuan respectively [4] - The company is expected to maintain a strong market position in the automotive sector while advancing in the robotics field, potentially leading to increased performance and valuation [4]