Core Viewpoint - The company is strategically focusing on the robotics sector as a significant direction for future development, leveraging existing resources and expertise in the automotive industry [2]. Summary by Relevant Sections Company Strategy - The company plans to accelerate its entry into the humanoid robotics market by utilizing its strong customer base and technological expertise in electric motors and controllers [2]. - Two complementary development paths are outlined: 1. **Core Component Extension**: The company aims to provide essential components for the robotics industry, including key parts like joint modules, by leveraging its technological accumulation in thermal management [2]. 2. **Liquid Cooling Solutions**: The company is addressing the increasing demand for liquid cooling in robotic joints by utilizing its technology in electronic pumps, temperature control valves, and integrated modules [2]. Collaboration and Development - The company has already initiated collaborative research and development projects with some of its automotive clients in the robotics field [2].

Core Viewpoint - The company is leveraging its technological expertise in thermal management and extensive high-quality customer resources to accelerate its expansion into the robotics industry, providing core components [1] Group 1: Technological Advantages - The company has a strong foundation in electric motors and controllers, which it aims to utilize in the robotics sector [1] - The company is focusing on the growing demand for liquid cooling solutions in robotic joints, leveraging its technology in electronic pumps, temperature control valves, and integrated modules [1] Group 2: Market Strategy - The company is closely tracking market demands and technological trends to gradually extend its offerings to key components such as joint modules [1] - The company has already initiated collaborative research and development projects with some vehicle manufacturers in the robotics product area [1]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company's revenue faced short-term pressure, with Q1 2025 revenue at 1.11 billion, a year-on-year decrease of 10.55% and a quarter-on-quarter decrease of 9.61%. The company has established a strong brand reputation and customer base, serving over 200 major clients globally, including more than 130 in the new energy sector [2] - The gross profit margin significantly improved to 25.33% in Q1 2025, an increase of 4.84 percentage points year-on-year, driven by product structure optimization and cost control. The net profit margin after deducting non-recurring items rose to 11.08%, up 2.21 percentage points year-on-year, indicating enhanced profitability [3] - The company is expanding its new energy business, with electronic water pump products gaining market share in the domestic new energy passenger vehicle market. The company is also actively developing non-automotive businesses, focusing on sectors such as 5G base stations and AI computing centers, which are expected to drive a second growth curve [4] - The traditional business remains stable, with turbocharger housings benefiting from the penetration of hybrid models and export growth. The company is accelerating its global layout, with a production base in Thailand expected to be completed by September 2025, which will help mitigate tariff risks and optimize the supply chain [5] Financial Forecasts - The company maintains its profit forecasts for 2025 and 2026, with new profit projections for 2027. Expected revenues for 2025, 2026, and 2027 are 5.87 billion, 7.06 billion, and 8.14 billion respectively, with net profits of 452 million, 587 million, and 700 million. The EPS for these years is projected to be 0.79, 1.02, and 1.22 respectively [8]