0 1 事 件 概 述 公司披露 2024 年年度报告和 2025 年第一季度报告： 1 ） 2024 年 度 实 现 营 收 79.14 亿 元 ， 同 比 +97.70% ；归母净利润 6.70 亿元，同比 +1,139.15% ；扣非归母净利润 6.58 亿元，同比 +1,546.71% ； 2 ） 2025Q1 营收 15.43 亿元，同比 +0.64% ，环比 -35.22% ；归母净利润 0.93 亿元，同比 -7.63% ，环比 -59.86% ；扣非归母净利润 0.90 亿元，同比 -5.34% ，环比 -61.63% 。 0 2 分 析 判 断 ► 2024圆满收官 2025Q1业绩有所承压 1）收入端： 公司2024Q4营收23.82亿元，同比+45.60%，环比+12.66%。2025Q1营收15.43亿元，同比 +0.64%，环比-35.22%，环比下滑系大客户销量影响。2025Q1公司客户赛力斯问界品牌销量为45,127辆， 同比-47.41%，环比-53.22%。 2）利润端： 公司2024Q4实现归母净利润2.32亿元，同比+201.94%，环 比+26.47%，盈利能力持续提升 ...

Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company achieved a revenue of 7.914 billion yuan in 2024, representing a year-on-year increase of 97.70%, and a net profit attributable to shareholders of 670 million yuan, up 1,139.15% year-on-year [1][4] - In Q1 2025, the company reported a revenue of 1.543 billion yuan, a slight increase of 0.64% year-on-year, but a significant decrease of 35.22% quarter-on-quarter, primarily due to the impact of major customer sales [2][4] - The company is successfully expanding its connector business, with significant orders from key customers, indicating a strong growth trajectory [3][4] Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 2.382 billion yuan, a year-on-year increase of 45.60% and a quarter-on-quarter increase of 12.66% [2] - The gross profit margin for Q1 2025 was 14.38%, showing a year-on-year increase of 0.42 percentage points, while the net profit margin was 6.03%, down 0.55 percentage points year-on-year [2] - The company expects revenues of 10.006 billion yuan, 12.508 billion yuan, and 15.384 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 828 million yuan, 1.036 billion yuan, and 1.314 billion yuan for the same years [5][9] Business Expansion - The company has successfully extended its connector business, with significant orders from customers such as Seres, indicating a robust demand for its products [3] - The domestic market for wiring harnesses is expected to reach a total scale of 130.7 billion yuan in 2025, presenting a substantial growth opportunity for the company [3] Valuation Metrics - The report provides earnings per share (EPS) estimates of 1.89 yuan, 2.37 yuan, and 3.01 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 17, 13, and 11 [4][5]