Group 1 - The company announced a 2025 employee stock ownership plan covering up to 358 individuals, including directors, supervisors, executives, and core employees, with a total of no more than 10.392177 million shares, representing 1.23% of the current total share capital [1][2] - The employee purchase price is set at 15.78 RMB per share, with total self-funded amounts not exceeding 163.9886 million RMB [1][2] - The plan aims to attract and retain talent, enhance operational efficiency, and drive performance growth through a tiered unlocking mechanism and dual assessment criteria [2] Group 2 - The company has achieved a domestic market share of 40%-50% in the new energy sector, with significant order increases for its coaxial reducers due to their core technological advantages [3] - By the end of 2024, the company has established a production capacity of 6.5 million sets of new energy vehicle drive gears [3] - The company is accelerating the construction of its Hungary base to meet European market demands and enhance its influence through localized production [3] Group 3 - The company is recognized as a leader in precision drive systems and is expanding globally while developing intelligent drive mechanisms and robotic joint businesses [4] - Revenue projections for 2025-2027 are 10.47 billion, 12.47 billion, and 14.96 billion RMB, with net profits of 1.3 billion, 1.52 billion, and 1.89 billion RMB respectively [4] - The expected earnings per share (EPS) for the same period are 1.54, 1.79, and 2.23 RMB, with corresponding price-to-earnings (PE) ratios of 20, 17, and 14 times [4]

01 事件概述 公司发布 2 025 年一季报， 202 5 Q 1 公司营收 20.7 亿元，同比 -0.5% ，环比 +1.3% ；归母净利 2.76 亿元，同比 + 24.7% ，环比 -3.5% ；扣非归母净利 2.69 亿元，同比 + 28.1% ，环比 -7.2% 。 02 分析判断 ► 24Q1 业绩符合预期 盈利同比高增 1）收入端： 2 025Q1 新能源乘用车销量 284.7 万辆，同比 + 43.8% ，环比 -34.2% ； 2 025Q1 公司营收 20.7亿元，同比-0.5%，环比+1.3%；收入同比下降主要系本期其他业 务收入较上年同期下降 2 . 3 7 亿元；主营业务收入较上年同期增加 2 . 27亿元，同比+12.48%。 2）毛利端 ： 2 025Q1 公司毛利率 26.8% ，同比 + 4.2pct ，环比 -4.2 pct，毛利 率同比提升原因预计为毛利较低的钢贸销售业务占比下降；以及乘用车齿轮业务规模效应加强所致； 3）费用端 ： 2 025Q1 销售 /管理/研发/财务费用率分别 1.0%/3.8% / 5.4%/0.4% ，环比分别 + 0.0/-1.8/-1. ...

4Q24 主营业务收入同比增长19%：公司发布2024 年报，全年实现营业收入87.81 亿元，同比增长 8.76%，其中主营业务收入80.8 亿元，同比增长18.46%；归母净利润为10.24 亿元，同比增长25.42%； 扣非净利润10.01 亿元，同比增长24.64%。单四季度营业收入为20.39 亿元，同比减少7.4%，其中主营 业务收入约22.4 亿元，同比增长约19.4%；归母净利润为2.86 亿元，同比增长26.0%；扣非净利润为2.90 亿元，同比增长14.7%。单四季度主营业务收入增长而总收入减少，是由于调整了钢材贸易业务的商业 模式和收入核算方式。 毛利率全线提升，全年达到25%，仍有向上空间：公司2024 年毛利率达到25.0%，同比提升2.8pct，单 季度毛利率已连续8 个季度同比提升。2024 年，几乎全线业务毛利率都有所提升，乘用车/商用车/ 智能 执行机构/ 工程机械齿轮毛利率分别为25.7/27.9/19.0/31.9%，同比提升3.9/1.1/4.7/6.1pct。我们认为，毛 利率的提升源于产品结构高端化、规模效应增强、降本提效、原材料价格下降等多重因素。往前看，乘 用车 ...