| 投资要点 | | --- | 公告要点： 公司公布2024年年报及2025年一季报，业绩符合我们预期。2024年实现营业收入79.14 亿元， 同比+97.70%，归母净利润6.70亿元，同比+1,139.15%，扣非归母净利润6.58亿元，同比 +1,546.71%。2025年一季度营业收入为15.43亿元，同环比+0.64%/-35.22%，归母净利润0.93亿 元，同环比-7.63%/-59.86%，扣非归母净利润0.90亿元，同比-5.34%，环比-61.63%。 营收与净利润大幅增长，客户结构多元化： 公司2024年收入实现接近翻倍增长主要受益于核心客户赛力斯放量所致，2024年赛力斯占公司 收入比重53%。此外美国T公司等建立了紧密合作关系，与大众汽车、戴姆勒奔驰、奥迪汽车 等国际知名汽车整车制造商保持长期合作关系，客户结构的多元化为公司提供了稳定的订单来 源，增强了市场抗风险能力。 规模效应不断显现，归母净利大幅提升： 公司2024年毛利率实现17.49%，同比+4.6pct，主要为规模提升产能利用率提高所致。公司2024 期间费 率为 比 实 归 利率 比 主 系 模 应 未经许可，不得转 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved significant revenue growth in 2024, with total revenue reaching 7.914 billion yuan, a year-on-year increase of 97.70%. The net profit attributable to shareholders was 670.34 million yuan, up 1,139.15% year-on-year [8] - The revenue growth was primarily driven by the core customer, Seres, which accounted for 53% of the company's revenue in 2024. The company has diversified its customer base, establishing strong partnerships with international automotive manufacturers such as Volkswagen, Daimler, and Audi, enhancing its order stability and market resilience [8] - The company is accelerating domestic substitution and has significant growth potential as a leading harness supplier. The new model M8 from Seres has received strong orders, which is expected to significantly boost performance once mass production begins [8] Financial Summary - The company forecasts revenue of 10 billion yuan in 2025 and 12.1 billion yuan in 2026, with expected year-on-year growth rates of 26% and 21%, respectively. The net profit attributable to shareholders is projected to be 872 million yuan in 2025 and 1.091 billion yuan in 2026, with corresponding growth rates of 30% and 25% [8] - The gross profit margin for 2024 was 17.49%, an increase of 4.6 percentage points year-on-year, attributed to improved capacity utilization due to scale effects. The net profit margin was 8.47%, up 7.12 percentage points year-on-year [8] - The company's earnings per share (EPS) for 2024 is projected at 1.53 yuan, with a price-to-earnings (P/E) ratio of 19.63 based on the current price [1][9]