Summary of Longsheng Technology Conference Call Company Overview - Longsheng Technology has achieved a compound annual growth rate (CAGR) of 46.8% in revenue from 2018 to 2023, with projected revenue of nearly 2.4 billion yuan in 2024, representing a year-on-year growth of 31% [2][8] - The company’s net profit attributable to shareholders is expected to reach 224 million yuan in 2024, a year-on-year increase of 53% [2] Business Expansion and Product Development - Longsheng Technology has expanded its business by integrating subsidiaries and establishing new companies, focusing on precision stamping and injection molding components to enhance product value [2][3] - The company has a leading position in the EGR (Exhaust Gas Recirculation) sector, holding a 40% market share in the light-duty diesel engine market and a 22% share in the gasoline engine market [2][6] - Major clients include Cummins, QuanChai, and Jiangling Motors, with expectations for the passenger car EGR market to reach 4 billion yuan and the commercial vehicle market to reach 1.5 billion yuan by 2026 [2][6] Market Position and Financial Performance - The revenue from the core business of EGR systems has significantly contributed to the overall financial performance, with total revenue increasing from 580 million yuan in 2020 to 1.83 billion yuan in 2023 [3][8] - The market for motor cores, a key component in electric vehicle drive motors, is projected to reach 10.3 billion yuan by 2026, with Longsheng supplying major clients like Tesla, Geely, and BYD [2][7] Shareholding Structure and Incentives - The controlling shareholder holds nearly 30% of the company, with clearly defined roles among subsidiaries focusing on precision components, new energy components, and aerospace precision manufacturing [4] - The company has successfully completed its stock incentive targets for the first two years and is expected to meet the target for the current year, which supports performance growth [4][5] Future Growth Potential - Longsheng Technology is expected to generate revenues of 3.2 billion yuan and 4 billion yuan in 2025 and 2026, respectively, with net profits projected to be slightly over 300 million yuan and 370 million yuan [4][16] - The company is also exploring opportunities in the aerospace sector, collaborating with institutions like Northwestern Polytechnical University to develop components for military drones and commercial aircraft [4][11][12] Investment Recommendations - The company is recommended as a strong investment opportunity, particularly in the robotics sector, with a suggested price-to-earnings (PE) ratio of 40 times for 2025 [4][16][17] - The ongoing development in the robotics field and the company's ability to adapt to market changes are seen as key factors for future valuation increases [17]

Core Viewpoint - Longsheng Technology has established a three-dimensional matrix of business operations encompassing traditional automotive parts, core products for new energy vehicles, and key components for robotics, marking its evolution from a single component supplier to a system integrator [1][2]. Business Operations - Longsheng Technology's main operations include EGR (Exhaust Gas Recirculation) components, motor iron cores, drive motor assemblies, precision parts, and aerospace business [1]. - The new energy vehicle drive motor iron core business is a significant growth driver, with projected revenue of 1.034 billion yuan in 2024, representing a year-on-year increase of 29.21% [1]. - Longsheng Technology is collaborating with Bosch and Seres on new energy motor assembly projects, with mass production expected in the second half of 2025 [1][2]. Robotics Development - Longsheng Technology is actively developing robotics, particularly humanoid robots, including dexterous hands, harmonic reducers, and joint assemblies [2]. - The "Lansen" humanoid robot, set to launch in June 2024, will perform various tasks on production lines, achieving automation from perception to execution [3]. - The company is integrating its new energy vehicle drive motor technology into robotics, developing high power density and low noise joint motors [5]. Financial Performance - In 2024, Longsheng Technology reported total revenue of 2.397 billion yuan, a year-on-year increase of 31.21%, and a net profit attributable to shareholders of 224 million yuan, up 52.81% [6]. - The revenue growth rate is lower than the profit growth rate, indicating an increase in the proportion of high-margin businesses and improved cost control [6]. - For Q1 2025, the company achieved revenue of 606 million yuan, a year-on-year increase of 7.06%, and a net profit of 59 million yuan, up 11.41% [6].

Group 1: Business Segments and Developments - Aerospace precision manufacturing is a key future business area for the company, with a focus on UAV components and missile precision parts [2][3] - The company is developing the third generation of dexterous hands for humanoid robots, targeting multi-sensor integration and control [3] - The company has established a strong market presence in the new energy electric drive core, with significant supply to leading electric vehicle manufacturers [3][4] Group 2: Strategic Partnerships and Projects - The company is collaborating with Bosch on the new energy commercial vehicle drive motor assembly, with supply expected to start in the second half of 2025 [3][4] - The company has successfully broken the foreign monopoly in the heavy-duty truck EGR valve market and is expanding its customer base [7] - The company has entered into contracts for commercial satellite projects with Galaxy Aerospace, with ongoing cooperation with China Aerospace Technology Group [10][11] Group 3: Market Position and Competitiveness - The company holds a leading position in the domestic EGR system market for passenger vehicles, supplying major clients such as BYD, Chery, and Geely [6][7] - The EGR technology is positioned as a key solution for energy conservation and emission reduction in both commercial and passenger vehicles, aligning with national policies [5][6] - The company is optimistic about the market prospects for EGR systems, leveraging over 20 years of industry experience [5][6] Group 4: Financial Outlook and Growth Drivers - The revenue contribution from satellite products is expected to be 10-15% in 2024 [10] - The company anticipates significant growth in the precision components sector driven by new project mass production and an expanding customer base [7][8] - The copper busbar business is projected to double in 2025, supported by various vehicle models [8]

Group 1: Financial Performance - In Q1 2025, the company achieved total revenue of 606 million, net profit attributable to shareholders of 59 million, and net profit excluding non-recurring items of 55 million, representing year-on-year growth of 7.06%, 11.41%, and 8.19% respectively [1] - The sales gross margin was 18.12%, and the net profit margin was 10.03% [1] - Despite fluctuations in downstream customer sales, the company's performance showed resilient growth, with expectations for increased growth driven by new model releases and gradual mass production of motor core subassemblies [1] Group 2: Production and Capacity - In 2024, the company's hybrid EGR capacity utilization rate was 41.18%, while the motor core capacity utilization rate was 69.17% [1] - The development of the company's EGR system and new energy electric drive motor cores is expected to further enhance production capacity, output, and sales [1] Group 3: Strategic Investments - The company is focusing on humanoid robots, particularly in areas such as dexterous hands, harmonic reducers, and drive motor components [2] - In March 2025, the company initiated an investment acquisition of Wuxi Weihan Intelligent Technology Co., which will become a subsidiary, strengthening the company's ecosystem in the humanoid robot sector [2] Group 4: Growth Projections - The company is projected to achieve net profits attributable to shareholders of 345 million, 501 million, and 679 million in 2025, 2026, and 2027 respectively, corresponding to P/E ratios of 27.2, 18.7, and 13.8 [2] - The company is recognized as a leading enterprise in EGR and motor cores, with rapid growth in its main business and active expansion into robotics and aerospace sectors [2]

事件：4 月25 日，公司发布2025Q1 业绩公告，实现收入6.1 亿元，同环比+7.1%/-19.7%，归母净利0.6 亿元，同环比+11.4%/-17.1%，扣非后归母净利0.6 亿元，同环比+8.2%/+73.5%。 混动EGR 成长趋势明朗，新能源及商用车业务短期承压：2025Q1 公司乘用车EGR 业务预计表现亮眼， 核心客户比亚迪/奇瑞/吉利插混乘用车销量分别同比+75.7%/+299.5%/+69.9%，显著跑赢混动乘用车行 业45.0%的整体增速，持续为公司收入端提供强劲支撑。马达铁芯业务有所承压，核心客户特斯拉中国 区2025Q1 销量同比-21.8%，问界客户因车型周期切换导致需求短期承压。商用车领域，2025Q1 重卡行 业同比微降2.7%，其中公司重点布局的天然气重卡细分市场同比-6.5%。展望后市，随着核心客户新车 型放量及行业需求回暖，预计公司新能源及商用车业务有望在Q2 迎来修复。 毛利率表现环比提升，理财收益、减值冲回增厚净利表现：2025Q1 公司实现销售毛利率18.1%，同环 比-0.5pct/+1.6pct，同比下降主要系会计准则调整， 公司整体对成本端管控得当， 期间 ...