证券研究报告·A 股公司简评 汽车零部件 大宗涨价下盈利暂时承压，投资 行之成发力汽车电子 核心观点 25Q1 公司营收、归母、扣非分别为 1.88 亿元、0.05 亿元、0.03 亿元，同比分别+11.90%、-33.76%、-54.01%。利润下滑主要受 到铜等原材料价格上涨影响。展望后续，公司商用发电机业务将 受益于下游需求复苏及出口、售后业务加速拓展；电子真空泵业 务随国内电动化趋势及大客户新能源转型，有望实现稳健增长； 随着大亚储能电站等重点项目落地，工商业储能新业务放量在 即。此外公司宣布投资江西行之成，加快汽车电子领域业务布局。 24 年主业经营稳健&储能加速落地，大宗涨价下盈利暂时承压。 24 年全年公司营收、归母、扣非分别为 7.07 亿元、0.46 亿元、 0.08 亿元，同比分别+9.09%、+131.13%、-48.44%。收入端看， 商用车发电机和电子真空泵销量上升是营收增加的主要因素。分 业务看，1）商用发电机业务：2024 年营收 5.43 亿元，同比+8.34%。 一方面，公司与众多主机厂前期开发的项目陆续上量，总体配套 份额稳中有升；另一方面，公司大力拓展发电机售后市场，在国 ...

Core Viewpoint - In Q1 2025, the company's revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 188 million yuan, 5 million yuan, and 3 million yuan, respectively, representing year-on-year changes of +11.90%, -33.76%, and -54.01%. The profit decline was mainly due to rising prices of raw materials such as copper. Looking ahead, the commercial generator business is expected to benefit from downstream demand recovery and accelerated expansion in exports and after-sales services. The electronic vacuum pump business is anticipated to achieve steady growth due to the domestic electrification trend and the transformation of major customers towards new energy. Additionally, the commercial energy storage business is set to ramp up with the implementation of key projects like the Dayaya energy storage power station. The company also announced an investment in Jiangxi Xingzhicheng to accelerate its business layout in the automotive electronics sector [1][4][8]. Financial Performance - For the full year of 2024, the company reported revenue of 707 million yuan, a year-on-year increase of 9.09%; net profit attributable to shareholders was 46 million yuan, up 131.13%; net profit excluding non-recurring items was 8 million yuan, down 48.44%. In Q1 2025, the company achieved revenue of 188 million yuan, a year-on-year increase of 11.90%; net profit attributable to shareholders was 5 million yuan, down 33.76%; net profit excluding non-recurring items was 3 million yuan, down 54.01% [2][3]. Business Segments - The company's revenue growth in 2024 was primarily driven by increased sales of commercial vehicle generators and electronic vacuum pumps. The commercial generator business generated 543 million yuan in revenue, up 8.34% year-on-year, supported by project developments with various OEMs and strong growth in the after-sales market, with approximately 200,000 units sold, a year-on-year increase of 44.69%. The electronic vacuum pump business generated 128 million yuan, up 18.74% year-on-year, benefiting from an increase in downstream supporting models and new customers. The energy storage business generated 27 million yuan, down 10% year-on-year [3][4][5]. Profitability Analysis - The company's gross margin and net margin for 2024 were 13.79% and 8.01%, respectively, with year-on-year changes of -2.57 percentage points and +3.67 percentage points. The gross margins for the generator, vacuum pump, and energy storage segments were 9.16%, 34.11%, and -1.44%, respectively, reflecting significant pressure on the generator segment due to rising raw material prices. The company maintained stable expense control, with various expense ratios showing minor fluctuations [5][6]. Strategic Developments - The company is actively expanding into the automotive electronics sector through its investment in Jiangxi Xingzhicheng, which specializes in automotive electronic products. This partnership is expected to enhance the company's capabilities in the automotive electronics field and support its overall transformation and upgrade strategy [7][8].