Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Viewpoints - The company is expected to achieve a total revenue of RMB 2.35 billion in 2024, representing a year-on-year growth of 16.4%, and a net profit attributable to the parent company of RMB 160 million, reflecting an 11.9% increase [1]. - The company is expanding its product offerings and customer base, particularly in the electric steering gear and new energy sectors, while also entering the robotics market to establish a second growth curve [3]. - The gross margin is projected to improve in the future despite short-term pressure due to new project ramp-ups [2]. Summary by Sections Financial Performance - In 2024, the company anticipates a revenue increase of 16.4% to RMB 2.35 billion and a net profit increase of 11.9% to RMB 160 million. The first quarter of 2025 is expected to show a revenue increase of 29.7% year-on-year [1]. - The gross margin for 2024 is expected to be 24.0%, with a slight increase in operating expenses [2]. Business Development - The company is actively pursuing new projects and expanding its global footprint, including establishing a subsidiary in Thailand and a new factory in Yangzhou [3]. - A joint venture for robotics development is planned, indicating a strategic move into the robotics sector [3]. Profitability and Valuation - The report projects a decrease in net profit estimates for 2025 and 2026 by 15% and 5% respectively, but introduces a new estimate for 2027 at RMB 434 million [4]. - The company’s earnings per share (EPS) is expected to grow from RMB 0.88 in 2024 to RMB 1.16 in 2025, with a projected price-to-earnings (P/E) ratio decreasing from 39 in 2024 to 29 in 2025 [5][12].

新项目持续开拓，加快全球化布局。2024 年公司铝压铸业务营收21.16 亿元，同比增长17.5%；毛利 率23.3%，同比提升2.8 个百分点。通用设备制造业务营收1.60亿元，同比增长6.8%；毛利率40.4%，同 比减少1.2 个百分点。公司电动转向机壳体产品具备较强竞争力，全年转向壳体产量突破1700 万件，销 售额同比增长16.3%。公司紧跟全球新能源汽车轻量化、电动化发展趋势，积极开拓新客户、新产品， 2024 年新增博世、采埃孚、蒂森克虏伯、博格华纳、舍弗勒、耐世特、威伯科、爱塞威、蔚来汽车、 和胜股份、富奥、海纳川、浙江轩孚、江苏巨石等客户的新能源汽车零部件、汽车结构件、电池托盘产 品订单。海外方面，公司从国内出口至北美产品占比不足1%且主要为FCA 贸易方式，墨西哥工厂出口 北美产品不受本轮关税影响，预计美国加征关税对公司影响较小。2024 年墨西哥莱昂嵘泰营收4.12亿 元，净利润-1570.27 万元，后续公司将加大墨西哥子公司产能释放。2024 年4 月公司公告拟投资不超过 4 亿元建立泰国生产基地，加速拓展全球市场。 布局人形机器人，培育第二增长曲线。2025 年4 月公司拟与润孚动 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 40.32 CNY, based on a projected average PE of 36 times for comparable companies in 2025 [2][5]. Core Views - The company is actively expanding new projects and developing its robotics business to cultivate a second growth curve [1]. - The financial performance for 2024 is in line with expectations, with a projected revenue of 2.352 billion CNY, representing a year-on-year growth of 16.4%, and a net profit of 163 million CNY, up 11.9% year-on-year [8]. - The company is focusing on enhancing its global presence and expanding its product offerings in the new energy sector, including partnerships with major clients in the automotive industry [8]. Financial Forecasts - The forecasted net profits for the years 2025 to 2027 are 244 million CNY, 305 million CNY, and 375 million CNY respectively, with a significant increase of 49.1% in 2025 compared to the previous year [2][4]. - Revenue projections show a steady increase from 2.889 billion CNY in 2025 to 4.032 billion CNY in 2027, with growth rates of 22.8%, 17.8%, and 18.5% respectively [4][8]. Key Financial Metrics - The company’s gross margin is expected to improve from 24.0% in 2024 to 25.7% in 2027, indicating better cost management and pricing strategies [4][8]. - The net profit margin is projected to increase from 6.9% in 2024 to 9.3% in 2027, reflecting enhanced profitability [4][8]. - The return on equity (ROE) is anticipated to rise from 6.1% in 2024 to 8.9% in 2027, showcasing improved efficiency in generating profits from shareholders' equity [4][8].