| 2025 年 05 月 12 日 | | --- | | 评级 | 买入 | | --- | --- | | | 评级变动 维持 | | 交易数据 | | | 当前价格（元） | 40.07 | | 52 周价格区间（元） | 17.29-40.98 | | 总市值（百万） | 5470.27 | | 流通市值（百万） | 5411.99 | | 总股本（万股） | 13651.79 | | 流通股（万股） | 13506.34 | 涨跌幅比较 汽车｜ 汽车零部件 主营业务稳健向上，布局丝杠值得期待 | 预测指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(亿元) | 5.83 | 68.03 | 84.16 | 105.88 | 131.92 | | 归母净利润(亿元) | 18.44 | 21.16 | 26.00 | 32.86 | 41.01 | | 每股收益（元） | 1.35 | 1.55 | 1.90 | 2.41 | 3.00 | | 每股净资产（元） | 9. ...

Core Insights - The company reported a revenue increase of 16.63% in 2024, reaching 680,282,123.88 yuan, driven by global expansion and new projects [2] - Net profit grew by 14.76% to 211,605,056.95 yuan, supported by revenue growth and effective cost control measures [3] - Significant fluctuations in cash flow were noted, with a 22.72% decline in operating cash flow and a 612.76% drop in financing cash flow, indicating potential liquidity concerns [5] Financial Performance - Revenue Growth: The company achieved a revenue of 680,282,123.88 yuan in 2024, up from 583,303,603.15 yuan in the previous year, reflecting a stable growth trend across all quarters [2] - Profitability: The net profit attributable to shareholders was 211,605,056.95 yuan, a 14.76% increase, with basic earnings per share rising to 1.58 yuan [3] - Cost Management: Sales expenses decreased by 8.85% to 8,777,082.12 yuan, while management expenses increased slightly by 1.47% [4] Cash Flow Analysis - Operating Cash Flow: The net cash flow from operating activities was 241,129,448.50 yuan, down 22.72% from the previous year, primarily due to increased material purchases [5] - Investment Cash Flow: The net cash flow from investing activities improved by 82.05%, reaching -82,034,556.76 yuan, indicating a reduction in cash outflows from investments [5] - Financing Cash Flow: The net cash flow from financing activities was -126,833,852.06 yuan, a significant decline of 612.76%, attributed to increased repayments of bank loans and stock buybacks [5] Research and Development - R&D Investment: The company invested 37,465,979.37 yuan in R&D, accounting for 5.51% of total revenue, focusing on innovative technologies and product development [6][7] - R&D Team: The company has a specialized R&D team of 81 members, ensuring a strong foundation for technological innovation and market competitiveness [6][7] Personnel and Compensation - Executive Compensation: The chairman and general manager received a total pre-tax compensation of 3.1237 million yuan, with additional incentives in place to attract and retain talent [8] - Employee Incentives: The company implemented stock incentive plans to enhance employee motivation and align interests with company performance [8]