Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [6][17]. Core Views - The company is projected to achieve a revenue of 26.6 billion yuan in 2024, representing a year-on-year growth of 35.02%, and a net profit of 3 billion yuan, up 39.52% year-on-year [1]. - The first quarter of 2025 shows a revenue of 5.77 billion yuan, a slight increase of 1.4% year-on-year, but a decline in net profit by 12.39% year-on-year [1]. - The company is actively expanding its humanoid robot business and accelerating the growth of its automotive electronics segment [3]. Financial Performance Summary - In 2024, the company achieved a gross margin of 19.42%, a decrease of 2.40 percentage points year-on-year, while the net profit margin was 11.29%, an increase of 0.38 percentage points [1]. - The revenue breakdown for 2024 includes: - Shock Absorption Systems: 4.402 billion yuan (YOY +2.4%), gross margin 21.10% (YOY -2.98pct) - Interior Functional Parts: 8.434 billion yuan (YOY +28.24%), gross margin 18.12% (YOY -1.79pct) - Chassis Systems: 8.203 billion yuan (YOY +33.98%), gross margin 20.42% (YOY -2.62pct) - Automotive Electronics: 1.82 billion yuan (YOY +907.63%), gross margin 19.42% (YOY -2.20pct) - Thermal Management Systems: 2.14 billion yuan (YOY +38.24%), gross margin 17.11% (YOY -1.61pct) - Electric Drive Systems: 0.13 billion yuan (YOY +624.11%), gross margin 50.90% (YOY -30.35pct) [2]. Business Expansion and Strategy - The company is leveraging its technology in online control brake systems to establish a humanoid robot actuator division, focusing on products like linear actuators and sensors [3]. - The automotive electronics business is experiencing significant growth, with rapid production release of closed-loop air suspension systems and increasing orders for line-controlled braking and steering projects [3]. - The acquisition of 100% equity in Wuhu Changpeng enhances the company's market share in interior products and deepens collaboration with leading automotive manufacturers like BYD [3]. Profit Forecast and Valuation - The profit forecast for 2025-2027 is adjusted to 3.659 billion yuan, 4.337 billion yuan, and 5.350 billion yuan respectively, with the current market capitalization corresponding to P/E ratios of 24, 21, and 17 times for 2025-2027 [4].

Core Insights - The company reported a total revenue of 26.6 billion yuan for 2024, representing a year-on-year increase of 35.02% [1] - The net profit attributable to shareholders reached 3.001 billion yuan, up 39.52% year-on-year, while the net profit excluding non-recurring items was 2.728 billion yuan, reflecting a 35.00% increase [1] - In Q1 of this year, the company achieved a revenue of 5.768 billion yuan, a slight increase of 1.4% year-on-year, but the net profit attributable to shareholders decreased by 12.39% [1] Revenue and Profit Growth - The automotive electronics business experienced rapid growth, with a tenfold increase exceeding 1.8 billion yuan, entering a phase of accelerated mass production [1][2] - In Q4, the company recorded a revenue of 7.248 billion yuan, a year-on-year increase of 30.63%, and a net profit of 767 million yuan, up 38.47% [1] Product Line Expansion - The company is focusing on developing nine product lines, including key products and core technologies in the robotics industry, alongside eight product lines for smart electric vehicles [2] - The thermal management module, featuring a self-developed high-precision electronic expansion valve, has established a benchmark in the industry [2] International Strategy and Production Capacity - The company has accelerated its international strategy, with factories in North America and Mexico fully operational, and plans for a second phase of projects underway [3] - The company is also planning and constructing a production base in Thailand to tap into the Southeast Asian market [3] Future Projections - Revenue projections for 2025-2027 are estimated at 34.128 billion yuan, 41.680 billion yuan, and 48.890 billion yuan, respectively, with net profits of 3.789 billion yuan, 4.710 billion yuan, and 5.589 billion yuan [4] - The expected earnings per share (EPS) for the same period are 2.18 yuan, 2.71 yuan, and 3.22 yuan, with price-to-earnings (PE) ratios of 24, 19, and 16 times [4]

Core Viewpoints - The company reported a revenue of approximately 26.6 billion yuan for 2024, representing a year-on-year increase of about 35.02%, and a net profit of approximately 3.001 billion yuan, up by about 39.52% year-on-year [1] - The automotive electronics business was the main contributor to revenue growth, with significant increases in the electric drive system and automotive electronics segments [2] Revenue Breakdown - In 2024, revenue from interior functional components was approximately 8.434 billion yuan, up by about 28.24% year-on-year; chassis systems revenue was about 8.203 billion yuan, an increase of approximately 33.98% year-on-year; shock absorbers generated revenue of about 4.402 billion yuan, up by about 2.40% year-on-year; thermal management revenue was approximately 2.14 billion yuan, increasing by about 38.24% year-on-year; electric drive systems revenue was about 0.013 billion yuan, a significant increase of approximately 624.11% year-on-year; and automotive electronics revenue reached about 1.82 billion yuan, up by approximately 907.63% year-on-year [2] Profitability and Expense Management - The company's gross margin for 2024 was approximately 20.8%, a decrease of about 2.23 percentage points year-on-year, while the net margin was approximately 11.29%, an increase of about 0.38 percentage points year-on-year [3] - In Q4 2024, the gross margin was approximately 19.82%, down by about 4.28 percentage points year-on-year, and the net margin was approximately 10.50%, up by about 0.65 percentage points year-on-year [3] - The total expense ratio for Q4 2024 was approximately 8.36%, a decrease of about 0.99 percentage points year-on-year [3] Market Opportunities - The robotics market presents significant growth potential, with each robot requiring dozens of motion actuators, each valued at several thousand yuan [3] - The company is expanding its product matrix in the robotics sector, including linear actuators, rotary actuators, and flexible skin electronics, which are progressing rapidly [3] Investment Outlook - The company is expected to continue expanding its customer base and product categories, with traditional businesses progressing steadily and automotive electronics accelerating growth [4] - Revenue projections for 2025 to 2027 are approximately 33.17 billion yuan, 40.30 billion yuan, and 50.61 billion yuan, representing year-on-year growth rates of about 24.7%, 21.5%, and 25.6% respectively [4]

Investment Rating - The report maintains a "Buy" rating for the company [5][8]. Core Views - The company's automotive electronics business is the main growth driver, with significant revenue increases in various segments, particularly in automotive electronics and electric drive systems [2][5]. - The company is expanding its product matrix in the robotics sector, which presents new growth opportunities [4][5]. Revenue and Profitability - In 2024, the company achieved revenue of approximately 26.6 billion yuan, a year-on-year increase of about 35.02%, and a net profit of approximately 3.0 billion yuan, up about 39.52% year-on-year [1][7]. - The company's gross margin for 2024 was approximately 20.8%, a decrease of about 2.23 percentage points year-on-year, while the net margin was approximately 11.29%, an increase of about 0.38 percentage points year-on-year [3][17]. Segment Performance - Revenue from interior functional components was approximately 8.4 billion yuan, up about 28.24% year-on-year; chassis systems revenue was approximately 8.2 billion yuan, up about 33.98% year-on-year; and automotive electronics revenue was approximately 1.82 billion yuan, up about 907.63% year-on-year [2][5]. - The electric drive system business saw a remarkable revenue increase of approximately 624.11% year-on-year, reaching about 0.13 billion yuan [2]. Future Projections - Revenue projections for 2025 to 2027 are approximately 33.17 billion yuan, 40.30 billion yuan, and 50.61 billion yuan, representing year-on-year growth rates of about 24.7%, 21.5%, and 25.6% respectively [5][7]. - Net profit projections for the same period are approximately 3.64 billion yuan, 4.49 billion yuan, and 5.62 billion yuan, with year-on-year growth rates of about 21.2%, 23.4%, and 25.1% respectively [5][7].