Core Viewpoint - The company is entering a capacity harvesting phase, with improving operational efficiency and profitability on an upward trajectory [1] Group 1: Capacity and Financial Performance - The company is in a capacity harvesting phase, with asset turnover improving and expected to recover to 1.5 in 2024 [1] - Capital expenditure peaked and is now declining, with a capital expenditure of 900 million yuan in the first half of 2025, down 17.5% year-on-year [1] - Operating cash flow reached 2.24 billion yuan, supporting an increase in future dividend rates [1] Group 2: Battery Box Business - The company is one of the largest battery box suppliers globally, benefiting from accelerated growth in Europe’s new energy sector [2] - In 2024, the penetration rate of new energy vehicles in Europe is expected to be approximately 19.6%, with a significant increase in sales of new energy light vehicles [2] - The company has actively laid out its battery box business since 2017, achieving a revenue of 3.58 billion yuan in the first half of 2025, a year-on-year increase of 49.8%, with a gross margin of 23.0% [2] Group 3: New Business Ventures - The company is strategically diversifying into new business areas, including robotics, liquid cooling, and low-altitude economy [3] - The robotics sector is expected to see significant advancements by 2025, with the company leveraging its automotive parts technology [3] - The liquid cooling market is growing due to increased power consumption in data centers, and the company is expanding its production capabilities in this area [3] Group 4: Investment Outlook - The automotive business is accelerating growth, driven by the battery box business and the rapid development of new energy in Europe [4] - The company is expected to see a continuous rise in its valuation, with projected net profits of 2.81 billion, 3.31 billion, and 4.06 billion yuan for 2025-2027, corresponding to PE ratios of 12.9X, 11.0X, and 8.9X [4] - The company maintains a positive outlook for future growth, anticipating a "Davis Double" effect as it enters a capacity harvesting phase [4]

Investment Rating - The report maintains a "Buy" rating for the company [12]. Core Insights - The company is experiencing accelerated growth in its core automotive business, driven by the rapid adoption of new energy vehicles in Europe, while also making significant strides in new business areas such as robotics, liquid cooling, and low-altitude economy [10][18]. Summary by Sections Company Overview - The company is a global leader in automotive exterior parts and has successfully expanded into the battery box business since 2017, becoming one of the top players in this sector. The ongoing increase in the penetration of new energy vehicles in Europe is expected to further boost the company's core business growth [3][7]. Business Performance - The company is entering a capacity harvesting phase, with operational efficiency improving and profitability on an upward trajectory. The capital expenditure peaked in 2022 at 34.1 billion, but is projected to decrease significantly in 2024, supporting future dividend increases [6][26]. Battery Box Business - As one of the largest battery box suppliers globally, the company benefits from Europe's clear carbon reduction goals and the resurgence of electric vehicle subsidies. The penetration rate of new energy vehicles in Europe is expected to reach approximately 19.6% in 2024, with significant growth anticipated in subsequent years [7][49]. New Business Ventures - The company is strategically diversifying into multiple business areas, including robotics, liquid cooling, and low-altitude economy, which are expected to create new growth trajectories. The robotics sector is projected to see significant advancements by 2025, while liquid cooling is becoming increasingly important due to rising energy efficiency demands [8][9]. Financial Projections - The company is expected to see substantial increases in net profit, with projections of 28.1 billion, 33.1 billion, and 40.6 billion for the years 2025 to 2027, respectively. The corresponding price-to-earnings ratios are forecasted to be 12.9X, 11.0X, and 8.9X [10][18].

Group 1 - The company has completed industrial layout in joint assemblies, harmonic reducers, planetary reducers, and force sensors through its subsidiaries [1] - The company's rubber products have been matched and lightweight skeletons have been sampled to customers, aiming for the production of robot joint assembly products [1] - The company has signed strategic cooperation agreements with Shenzhen Zhongqing Robot Technology Co., Ltd. and Aft Intelligent Equipment Co., Ltd. to enhance its core advantages in humanoid robot component assembly products [1] Group 2 - The company has also signed a project intention cooperation agreement with Shenzhen Zhujidongli Technology Co., Ltd. to form an upstream and downstream industrial chain layout [1] - The company is advancing the manufacturing and OEM business of robots [1] - The company has supplied rubber parts to Chery Moja Robot and harmonic reducers to Aft Industrial Robots [1]

Core Viewpoint - The company has completed its industrial layout in various robotic components and has established strategic partnerships to enhance its market position in the humanoid robot assembly sector [1] Group 1: Industrial Layout - The company, through its subsidiaries Anhui Ruisi Bo and Xinghui Sensor, has developed products including joint assemblies, harmonic reducers, planetary reducers, and force sensors [1] - The company's rubber products have been fully integrated, and lightweight skeleton samples have been delivered to clients, marking progress towards the production of robotic joint assembly products [1] Group 2: Strategic Partnerships - The company has signed strategic cooperation agreements with Shenzhen Zhongqing Robot Technology Co., Ltd. and Aft Intelligent Equipment Co., Ltd. to strengthen its core advantages in humanoid robot component assembly [1] - A project intention cooperation agreement has been established with Shenzhen Zhujidongli Technology Co., Ltd. to enhance the upstream and downstream industrial chain layout, promoting the development of robot manufacturing and OEM business [1] Group 3: Product Supply - The company has supplied rubber components to Chery Mocha Robot and harmonic reducers to Aft Industrial Robots, indicating its active role in the supply chain for robotic products [1]

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]