25 年业绩表现符合预期，三大板块有望在 2026 年继续改善 ——中创智领 25 年报点评 核心观点 盈利预测与投资建议 ⚫ 我们认为公司 2025 年业绩表现符合预期，短期汽零的成本拖累也有望缓解。向前看，我 们认为三大业务板块有望继续改善，支持增长；年报也反映了公司管理和治理能力的上 升，有利于提升长期确定性。我们继续看好公司的业绩增长，但考虑到毛利率下降，我 们小幅下调盈利预测，预测公司 2025-2027 年归母净利润 43.8/51.0/60.1 亿元（原预测 2026-2027归母净利润为46.3/52.8亿元），参考可比公司估值，给予公司26年11xPE， 对应目标价约为 26.95 元，维持买入评级。 风险提示 行业政策变化，大宗商品价格波动，煤炭产能投建放缓，汽车消费不及预期，新能源业务发展 不及预期，竞争加剧，汇率波动风险，商誉减值风险。 公司主要财务信息 | | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 37,025 | 41,354 | 46, ...

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]