Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company achieved a revenue of 2.638 billion yuan in Q1 2025, representing a year-on-year growth of 41.8% [5] - The net profit attributable to shareholders for Q1 2025 was 270 million yuan, up 28.8% year-on-year [5] - The company is expanding its production capacity and actively developing new projects in the smart driving sector [5] Financial Summary - Revenue projections for the company are as follows: 12.989 billion yuan in 2025, 16.527 billion yuan in 2026, and 21.085 billion yuan in 2027, with corresponding net profits of 1.523 billion yuan, 1.925 billion yuan, and 2.520 billion yuan respectively [5][6] - The company's P/E ratios are projected to decrease from 23.2 in 2025 to 14.0 in 2027, indicating potential value appreciation [5][6] - The company reported a gross margin of 18.0% in Q1 2025, which is a decrease compared to previous periods, attributed to product mix adjustments [5]

2022年公司收购万达45%的股权完善了公司在汽车底盘领域的布局（制动+转向），收购后积极整合已实现净利率大幅提升；2024年11月公司设立伯特利汽车悬架科技公司并 拟新增悬架产能20万/年，目标成为线控底盘供应商，掘金千亿市场，剑指全球汽车零部件百强。 03 投资建议 01 事件概述 公司披露2025年一季报：2025Q1实现营收26.4亿元，同比+41.8%/环比-21.4%；归母净利2.7亿元，同比+28.8%/环比-37.2%；扣非归母净利2.7亿元，同比+38.6%/环 比-34.2%。 02 分析判断 ► 202 5Q1年业绩持 续高 增 电控业务净利率高增 公司2025Q1营收同比+41.8%持续高增长，我们分析原因主要系：1）重点客户销量高增，奇瑞汽车/吉利汽车2025Q1销量分别同比+20.8%/+47.9%，且2024年公司新增 客户8家，预计2025年起陆续贡献增量；2）2025Q1公司重点产品智能电控/盘式制动器/轻量化零部件销量同比+58.4%/+36.1%/+23.5%，各类项目总数稳步增长，其中 在研项目总数498项，新增量产/定点项目57项/120项。公司此前公告2025年预算 ...

01 事件概述 公司披露2024年报：2024年实现营收99.37亿元，同比+33.0%，归母净利12.09亿元，同比+35.7%，扣非归母净利11.13亿元，同比+30.2%；2024Q4实现营收33.58亿 元，同比+41.8%，环比+28.8%；归母净利4.31亿元，同比+45.3%/环比+34.4%；扣非归母净利4.04亿元，同比+28.9%/环比+40.6%。 披露2025年预算为收入127亿元/同比+28%，净利润15.1亿元/同比+24% 。 02 分析判断 ► 2024 年业绩超预期 电控业务净利率高增 公司 2024 年营收同比 +33% ，其中 2024Q4 营收同比 +41.8%/ 环比 +28.8% ，主要系： 1 ）重点客户销量高增，奇瑞汽车 / 吉利汽车 2024 年销量分别同比 +38.4%/+27.6% ， 且 2024 年公司新增客户 8 家； 2 ）重点产品销量高增，智能电控 / 盘式制动器 / 轻量化零部件 / 机械转向产品 2024 年销量分别同比 +40.0%/+19.2%/+35.3%/+23.8% ，且新增 量产 / 定点项目 309 项 /416 项，新定点项目 ...

Core Viewpoint - The company reported strong financial performance for 2024, with significant year-on-year growth in revenue and net profit, driven by increased sales from key customers and new product launches [1][2]. Financial Performance - In 2024, the company achieved revenue of 9.937 billion yuan, a year-on-year increase of 33.0%, and a net profit attributable to shareholders of 1.209 billion yuan, up 35.7% year-on-year [1]. - For Q4 2024, revenue reached 3.358 billion yuan, reflecting a year-on-year growth of 41.8% and a quarter-on-quarter increase of 28.8% [1]. - The net profit for Q4 2024 was 431 million yuan, showing a year-on-year increase of 45.3% and a quarter-on-quarter increase of 34.4% [1]. Business Growth Drivers - The growth in revenue was primarily due to significant sales increases from key customers, with Chery Automobile and Geely Automobile reporting year-on-year sales growth of 38.4% and 27.6%, respectively [2]. - The company added 8 new customers in 2024, contributing to the overall sales growth [2]. - Key products such as intelligent electronic control systems, disc brakes, lightweight components, and mechanical steering systems saw year-on-year sales growth of 40.0%, 19.2%, 35.3%, and 23.8%, respectively [2]. Profitability and Margins - The company's gross margin for 2024 was 21.1%, a decrease of 1.5 percentage points year-on-year, with Q4 2024 gross margin at 20.9%, down 2.2 percentage points year-on-year [3]. - The company benefited from scale effects, leading to a decrease in sales, management, R&D, and financial expense ratios [3]. Strategic Initiatives - The company is advancing in smart and electric vehicle technologies, becoming the first domestic supplier to mass-produce line control braking systems and planning to expand production capacity [3]. - The company is also the first domestic supplier to achieve mass production of EPB (Electronic Parking Brake) systems, with plans to increase production capacity by 1 million units [3]. - Global expansion efforts include establishing production bases in Mexico and planning a new base in Morocco [3]. Mergers and Acquisitions - The company acquired a 45% stake in Wanda in 2022 to enhance its automotive chassis business, leading to significant improvements in net profit margins [4]. - In November 2024, the company established Berteli Automotive Suspension Technology Company, aiming to add 200,000 units of suspension capacity annually [4]. Future Outlook - The company has set a 2025 revenue target of 12.7 billion yuan, representing a year-on-year increase of 28%, and a net profit target of 1.51 billion yuan, up 24% year-on-year [2]. - Revenue projections for 2025-2027 are 13.075 billion yuan, 17.089 billion yuan, and 22.044 billion yuan, with corresponding net profits of 1.594 billion yuan, 2.104 billion yuan, and 2.793 billion yuan [4].