Group 1: Financial Performance - In 2024, the company achieved a revenue of 26,015.77 million CNY, a year-on-year increase of 3,133.50 million CNY, representing a growth rate of 13.69% [4] - The total profit for 2024 was 5,052.31 million CNY, up 15.45% compared to the previous year [4] - The net profit attributable to shareholders was 4,457.91 million CNY, reflecting a growth of 14.28% year-on-year [4] - For Q1 2025, the company reported a revenue of 7,251.82 million CNY, a 19.02% increase from the same period last year [5] - The total profit for Q1 2025 was 1,280.52 million CNY, showing a year-on-year growth of 16.86% [5] - The net profit attributable to shareholders in Q1 2025 was 1,100.66 million CNY, up 18.02% year-on-year [5] Group 2: Asset and Equity Growth - As of the end of 2024, the company's total assets were 53,985.59 million CNY, with equity attributable to the parent company at 45,076.95 million CNY [4] - By the end of Q1 2025, total assets increased to 55,565.65 million CNY, a 2.93% rise from the end of 2024 [5] - Equity attributable to the parent company reached 46,201.71 million CNY by the end of Q1 2025, marking a 2.50% increase from the end of 2024 [5] Group 3: Market and Product Development - The company experienced significant growth in overseas sales, with export revenue increasing by 34.11%, surpassing 50% of total revenue for the first time [4] - In Q1 2025, the fastest-growing sector was high-end home appliances, contributing significantly to revenue growth [6] - The company is actively developing new projects, including a domestic data center cooling system harness and fan cover components, with the former already in mass production [7]

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its stock performance in the near term [5]. Core Views - The company, Weimao Electronics, is an integrated manufacturer of industrial intelligent connection control solutions, actively expanding into emerging fields such as low-altitude economy [5][9]. - The company focuses on "small batch, multiple varieties" in electronic product manufacturing, with a projected revenue of 260 million yuan in 2024, representing a year-on-year growth of 13.69% [6][8]. - The growth in the new energy vehicle market is expected to significantly boost the demand for wiring harnesses, with the global vehicle wiring harness market projected to reach 793 billion yuan by 2029 [6][9]. Financial Performance Summary - The company achieved a revenue of 73 million yuan in Q1 2025, reflecting a year-on-year increase of 19.02%, and a net profit of 11.01 million yuan, up 18.02% year-on-year [6]. - The forecast for 2024 includes a revenue of 260 million yuan and a net profit of 45 million yuan, with respective year-on-year growth rates of 13.69% and 14.28% [8]. - The earnings per share (EPS) is projected to be 0.55 yuan in 2024, increasing to 0.87 yuan by 2027 [8]. Market Expansion and Product Development - The company is actively pursuing new markets, including low-altitude economy projects, with significant contracts already secured for components in flying cars [9]. - The company has a diverse product range across automotive, smart home appliances, and industrial automation, with a strong focus on R&D, which is expected to reach 14.03 million yuan in 2024 [6][9]. - The company is also expanding its production capacity for automotive wiring harnesses and components for new energy vehicles, which are expected to drive future revenue growth [6][9].