Core Insights - The company reported a revenue of approximately 2.165 billion yuan for 2024, representing a year-on-year increase of 17.94%, and a net profit attributable to shareholders of 228 million yuan, up 14.99% year-on-year [1] - In Q1 2025, the company achieved a revenue of about 707 million yuan, a significant year-on-year increase of 80.25%, with a net profit of 72 million yuan, up 44.81% year-on-year [1] - The growth in revenue and net profit is primarily driven by increased demand from existing customers and the continuous expansion into new markets and clients [1] Revenue Breakdown - The battery connection system business showed stable growth, generating revenue of 1.669 billion yuan, a year-on-year increase of 14.07% [1] - The sales volume of battery connection system products reached 6.1274 million units, reflecting a growth of 13.96% compared to the same period last year, driven by the sustained demand in the new energy vehicle and electrochemical energy storage sectors [1] Business Segment Performance - The electric control busbar business achieved revenue of 248 million yuan, up 20.58% year-on-year, while the industrial electrical busbar generated revenue of 173 million yuan, increasing by 21.98% year-on-year [2] - The sales volume of electric control busbars reached 5.9486 million units, a significant increase of 67.57% year-on-year, benefiting from the strong demand in the hybrid and pure electric vehicle controller busbar market [2] - The sales volume of industrial electrical busbars was 423,100 units, up 45.90% year-on-year, primarily due to increased demand in the rail transit and industrial frequency conversion busbar markets [2] Market Trends - The global demand for energy storage is increasing, with a reported 301 GWh of global energy storage battery shipments in 2024, marking a year-on-year growth of 62.7% [2] - The rapid development of smart applications and the acceleration of new data center construction are becoming new drivers for the energy storage market [2] - The electrochemical energy storage sector is transitioning from the early commercialization phase to large-scale application, indicating significant future market potential [2] Technological Advancements - The company has made significant progress in new technologies and projects, achieving mass production of self-developed flexible production lines for battery connection systems [3] - Key breakthroughs have been made in film, direct welding, and FCC sampling technologies, which are now being applied to stabilize supply for certain vehicle models [3] - The expansion of the Suzhou factory has led to a gradual increase in battery connection system production capacity, while a new factory in Chengdu is expected to complete construction by the end of 2025 [3] Investment Outlook - The company is projected to achieve net profits attributable to shareholders of 302 million yuan, 406 million yuan, and 576 million yuan for the years 2025 to 2027, with corresponding EPS of 1.87, 2.52, and 3.56 yuan [3] - The price-to-earnings (PE) ratios are expected to be 21.52, 15.97, and 11.27 for the same period [3]

1Q25 业绩略高于市场预期 公司公布1Q25 业绩：收入7.07 亿元，同增80.3%、环降5.6%；归母净利润0.72 亿元，同增44.8%、环降 10.1%，扣非净利润0.72 亿元，同增48.2%、环增0.3%。受益新产品逐步放量以及储能国内外抢装，公 司1Q25 业绩略高于市场预期。 发展趋势 1Q25 集成母排业务收入同比增长强劲，毛利率环比改善。1Q25 受益于1）国内"以旧换新"政策下、新 能源车需求强劲，同时公司FFC+薄膜热压+直焊新产品逐步放量，2）欧洲需求回暖、大众等客户订单 加速释放，3）储能国内外抢装，我们估计集成母排业务实现营收5.5-6.0 亿元，同比增长90%+。盈利方 面，因高毛利客户（比如大众）、盈利较好的新产品占比提升，我们估计1Q25 集成母排毛利率环比改 善、提升至14%+。 1Q25 电控母排保持较高增速，工业母排加速回暖。电控母排方面，受益于下游大客户比亚迪1Q 销量强 劲，新能源乘用车累计销量为98.61 万辆、同比增长57.93%，我们估计公司电动母排延续了较好的增 长；工业母排方面，国内1Q 制造业景气度有所回温，我们估计带动公司工业母排业务订单加速回暖、 ...