Investment Rating - The investment rating for the company is "Outperform the Market" [5][25]. Core Views - The company has officially entered the humanoid robot business and has initiated core component research and development [3]. - The company's revenue for Q1 2025 increased by 38.28% year-on-year, while net profit grew by 63.08%, primarily driven by the strong performance in the new energy vehicle and general automation sectors [1][8]. - The company is expected to see a net profit of 53.17 billion yuan in 2025 and 64.47 billion yuan in 2026, with a projected price-to-earnings ratio of 34/28/24 times [3]. Financial Performance - In 2024, the company achieved a revenue of 370.41 billion yuan, a year-on-year increase of 21.77%, but net profit declined by 9.62% to 42.85 billion yuan [1]. - The gross margin for 2024 was 28.70%, down 4.85 percentage points year-on-year, while the net margin was 11.73%, down 3.97 percentage points [1]. - The company’s revenue from the general automation business in 2024 was 152.43 billion yuan, accounting for 41.15% of total revenue, with a year-on-year growth of 1.36% [2]. Business Segments - The new energy vehicle and rail transit revenue reached 166.42 billion yuan in 2024, representing a significant year-on-year increase of 67.76% [2]. - The smart elevator business generated 49.39 billion yuan in revenue, a decline of 6.65% due to weak market demand [2]. - In Q1 2025, revenue from new energy vehicles and rail transit was approximately 39 billion yuan, growing by 66% year-on-year [2]. Profitability and Cost Structure - The company’s operating expenses for 2024 included a sales expense ratio of 4.00%, a management expense ratio of 4.16%, and a research and development expense ratio of 8.50% [1]. - The gross margin improved to 30.98% and the net margin to 14.96% in Q1 2025, reflecting a year-on-year improvement of 1.13 and 2.28 percentage points, respectively [1].