公司全球化产能布局&强研发实力巩固竞争优势。公司从塑胶零部件开始与客户合作，突破注塑模具和 表面处理技术，后发展至核心加热模组和整机生产，公司是少数具有整机研发实力的供应商，且伴随客 户共同研发新产品有望带动公司顺利实现份额提升。此外，公司积极建设全球化一体化的供应链体系， 同时不断加大海外智造基地供应链本土化开发力度，为客户如期交付高质量、高性价比的产品。目前公 司马来智造基地二期建设推进、匈牙利智造基地三期开建，墨西哥智造基地预计2025 年下半年投入使 用。 事件描述 控股股东增持&股权激励增强信心、2025 年为公司困境反转时点，期待后续季度实现更优增长。3 月10 日公司发布激励计划，考核目标为2025 年收入同增25%~50%到45~54亿元（触发值~目标值），预计电 子烟、汽车电子等贡献主要增量，利润增速预计显著高于收入增速，主因公司费用金额稳定，收入高增 会带动费用率下行和净利率上行。预计公司2025-2027 年实现归母净利润5.0/6.9/8.7 亿元，对应PE 24/18/14X。 公司2024 年实现营业总收入/归母净利润/扣非净利润35.73/2.52/2.38 亿元，同比-7%/- ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company is expected to reach a turning point in performance, with an anticipated gradual increase in electronic cigarette orders [4] - For 2024, the company is projected to achieve total revenue of 3.573 billion yuan, a year-on-year decrease of 7%, and a net profit attributable to shareholders of 252 million yuan, down 44% year-on-year [2][4] - The fourth quarter of 2024 is expected to show a revenue increase of 15% year-on-year, while the first quarter of 2025 is projected to see a revenue increase of 12% year-on-year [2][4] Financial Performance Summary - In 2024, the company’s revenue is expected to be 3.573 billion yuan, with a net profit of 252 million yuan and a net profit excluding non-recurring items of 238 million yuan, reflecting year-on-year declines of 7%, 44%, and 38% respectively [2][4] - For Q4 2024, the expected revenue is 1.034 billion yuan, with a net profit of 80 million yuan and a net profit excluding non-recurring items of 94 million yuan, showing year-on-year changes of +15%, -32%, and -8% respectively [2][4] - In Q1 2025, the expected revenue is 859 million yuan, with a net profit of 77 million yuan and a net profit excluding non-recurring items of 74 million yuan, reflecting year-on-year increases of +12%, +38%, and +71% respectively [2][4] Business Segment Analysis - The company’s revenue from the intelligent control components and innovative consumer electronics is expected to decline by 14% and 2% respectively in 2024, while automotive electronics are projected to grow by 19% [4] - The electronic cigarette business is anticipated to improve gradually, with orders expected to increase as labor issues in the Malaysian base are resolved [4] - The automotive electronics segment is expected to maintain stable growth, contributing positively to overall revenue [4] Future Outlook - The company aims for a revenue increase of 25% to 50% in 2025, targeting a revenue range of 4.5 to 5.4 billion yuan, primarily driven by the electronic cigarette and automotive electronics segments [4] - The company is expected to achieve net profits of 500 million yuan, 690 million yuan, and 870 million yuan from 2025 to 2027, with corresponding price-to-earnings ratios of 24, 18, and 14 times [4]