Investment Rating - The report maintains a "Buy" rating for the company [4][10] Core Views - The company reported a revenue of 14.576 billion yuan in Q1 2025, representing a year-on-year increase of 9.78% and a quarter-on-quarter decrease of 1.04% [1] - The net profit attributable to the parent company for Q1 2025 was 340 million yuan, up 11.08% year-on-year and up 1694.71% quarter-on-quarter [1] - The company has successfully implemented cost reduction and efficiency enhancement measures, leading to a significant improvement in gross margin, which increased by 1.8 percentage points to 16.3% in 2024 [2] - The company is strategically positioning itself as a "Tier 1" supplier in both the automotive and robotics sectors, aiming to build a complete industrial chain in humanoid robotics [3] Financial Performance - The company expects revenues of 60.999 billion yuan, 65.793 billion yuan, and 70.587 billion yuan for the years 2025, 2026, and 2027 respectively [4] - The projected net profits for the same years are 1.590 billion yuan, 1.902 billion yuan, and 2.307 billion yuan [4] - The basic earnings per share are estimated to be 1.13 yuan, 1.35 yuan, and 1.64 yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 14.58, 12.19, and 10.05 [4]