2024 年业绩高速增长，25Q1 业绩承压。 ①2024 年公司实现营业收入 266.00 亿元，同比+35.02%；归母净利润 30.01 亿，同比+39.52%；扣非归母净利润 27.28 亿，同比+35%。②2025Q1 公司 实现营业收入 57.7 亿元，同比+1.4%；归母净利润 5.65 亿元，同比-12.39%； 扣非归母净利润 4.87 亿元，同比-18.36%。③公司 2024 年主营业务毛利率 19.42%，同比-2.40pct；24 年净利率 11.29%，同比+0.38pct。2025Q1 公司 综合毛利率为 19.89%，同比-2.54pct。④2025Q1 利润下滑主要系毛利率下 降及研发费用增长。2025Q1 期间费用率为 10.52%（YOY+1.19pct）。其中销 售费用率为 1.19%（YOY-0.19pct），管理费用率为 3.30%（YOY+0.55pct），研 发费用率为 5.93%（YOY+1.44pct），财务费用率为 0.10%（YOY-0.61pct）。 分业务看，2024 年营收增加，产品线具备扩大空间。 ①减震系统：收入 44.02 亿元（YOY+2. ...

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]

事件描述 公司发布2024 年年报。2024 年公司实现营收约266.00 亿元，同比约+35.02%；归母净利润约30.01 亿 元，同比约+39.52%。其中24Q4，营收约72.48 亿元，同比约+30.63%，环比约+1.66%；归母净利润约 7.67亿元，同比约+38.47%，环比约-1.45%。 核心观点 汽车电子业务贡献主要增量，电驱系统业务快速提升 分产品看，2024 年，公司内饰功能件营收约84.34 亿元，同比约+28.24%；底盘系统营收约82.03 亿元， 同比约+33.98%；减震器实现营收约44.02 亿元，同比约+2.40%；热管理营收约21.40 亿元，同比约 +38.24%；电驱系统业务实现营收约0.13 亿元，同比约+624.11%；汽车电子营收约18.20 亿元，同比约 +907.63%。其中，公司的汽车电子产品闭式空气悬架系统快速爬坡，24 年交付24 万余套，市占率持续 高速提升；其他电子产品配套车型不断增加，订单同步放量。公司底盘域竞争优势不断优化。 公司盈利能力基本稳健，24Q4 期间费用率同环比有所改善 2024 年公司毛利率约20.8%，同比约-2.23pct ...

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].