Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Insights - The company achieved a revenue of 18.854 billion yuan in 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. In Q1 2025, the revenue was 4.854 billion yuan, with a year-on-year growth of 3.45%, and a net profit of 403 million yuan, reflecting an increase of 11.52% year-on-year [1]. - The gross margin has been on an upward trend, reaching 22.82% in 2024, an increase of 0.86 percentage points year-on-year, and 23.32% in Q1 2025, up 0.91 percentage points year-on-year. The expense ratios for sales, management, R&D, and finance remained stable [1]. - The company is actively expanding its business in the new energy vehicle sector, with sales in this area reaching 7.249 billion yuan in 2024, accounting for 40.20% of the total automotive business revenue [2]. - The humanoid robot business is identified as a core strategic area for future development, with a focus on harmonic reducer products and related components. The company has established strategic partnerships to enhance its competitive edge in this field [3]. Financial Summary - The company forecasts net profits of 1.663 billion yuan, 1.868 billion yuan, and 2.111 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.26 yuan, 1.42 yuan, and 1.60 yuan. The PE ratios are projected to be 13.73, 12.22, and 10.82 for the same years [3][5]. - The total revenue is expected to grow from 20.989 billion yuan in 2025 to 26.822 billion yuan in 2027, with a compound annual growth rate of approximately 12.65% [5]. - The company’s gross margin is projected to remain stable at around 22.8% over the forecast period [11]. Market Data - As of April 29, 2025, the company's stock closed at 17.34 yuan, with a market capitalization of approximately 22.83 billion yuan [6]. - The stock has shown a 12-month absolute return of 35% and a relative return of 30% compared to the market benchmark [9].

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]