Core Viewpoints - The traditional cleaning segment remains under pressure, and the motor segment has experienced a decline due to sporadic factors [2] - The company has seen an increase in expense ratios, leading to fluctuations in profitability [2] Financial Performance - In Q1 2025, the company achieved revenue of approximately 203 million, a year-on-year decrease of about 16.04% [1] - The net profit attributable to the parent company was approximately 42 million, a year-on-year decrease of about 35.48% [1] - The gross margin for Q1 2025 was approximately 32.22%, down by about 4.57 percentage points year-on-year [2] - The net profit margin was approximately 20.61%, down by about 6.21 percentage points year-on-year [2] - The total expense ratio was approximately 11.33%, an increase of about 3.48 percentage points year-on-year [2] Business Development - The company has entered the production ramp-up phase for the drum motor products developed in collaboration with Germany's Lenze [3] - New production bases in Thailand and the United States have been completed, strengthening the global production layout [3] - The company has secured batch projects for active perception cleaning systems from clients such as Waymo and Meituan [3] - The company plans to configure a production capacity of 250,000 sets per year for gas-liquid mixed cleaning systems [3] - The matching of harmonic magnetic field motor technology with the customized needs of humanoid robots is expected to open new growth avenues for the company [3] Investment Outlook - The company is expected to see revenue growth from new product applications and project rollouts, with projected revenues of approximately 1.1 billion, 1.27 billion, and 1.47 billion for 2025 to 2027, representing year-on-year growth of approximately 14.7%, 15.2%, and 15.8% respectively [4] - The net profit attributable to the parent company is projected to be approximately 230 million, 270 million, and 320 million for 2025 to 2027, with year-on-year growth of approximately 8.6%, 17.4%, and 17.8% respectively [4] - As of May 6, 2025, the stock price corresponds to a PE ratio of approximately 27.5, 23.5, and 19.9 for 2025 to 2027 [4] Rating - The company maintains a "Buy" rating [5]

Financial Performance - The company's Q1 2025 revenue was 202.83 million yuan, a decrease of 16.04% from 241.59 million yuan in Q1 2024 [3] - Net profit attributable to shareholders was 41.80 million yuan, down 35.48% from 64.79 million yuan in the previous year [3] - The gross margin for Q1 2025 was 32.22%, showing a decline from 36.79% in Q1 2024 and 32.5% in Q4 2024 [3] Business Challenges - The traditional cleaning business segment continues to face pressure, with no signs of relief in Q1 2025 [3] - The electric motor business also experienced a short-term decline due to overdue accounts from some clients, leading to a temporary halt in supply to those clients [3] Strategic Initiatives - The company is focused on risk management of accounts receivable, maintaining a cautious approach in project and client selection [4] - Plans to expand the customer base and maintain stable relationships with emerging clients to enhance market share [4] Production and Growth Prospects - The Thai factory is progressing well with equipment debugging and is entering a ramp-up production phase [5] - The factory is expected to provide new growth momentum due to sufficient order demand and low initial depreciation burden [5] Technology Development - The company has secured mass production projects for the ADAS active perception cleaning system with clients like Waymo and Meituan, targeting an annual capacity of 250,000 sets [6] - Development of harmonic magnetic field motor technology is underway, with successful applications in logistics systems and positive feedback from clients in humanoid robotics [6] Market Impact - Direct sales to the U.S. market accounted for only 2.7% of total business in 2024, minimizing the impact of U.S. tariffs [7] - The company plans to optimize production capacity and strategies in response to external environmental changes [7]