重组夯实安全主业，智能化与机器人打开成长新空间 [Table_Summary] 主业盈利能力改善，一次性费用拖累表观利润。22024 年全年公司实现 营业收入 558.64 亿元，同比增长 0.24%，实现归母净利润 9.60 亿元， 同比下滑 11.33%，，主要系海外业务重组产生一次性费用 5.50 亿元，若 剔除该影响，扣非后归母净利润 12.82 亿元，同比增长 27.74%。2025 年 Q1 实现营业收入 145.76 亿元，同比增长 9.78%，实现归母净利润 3.40 亿元，同比增长 11.08%，实现扣非后归母净利润 3.20 亿元，同比 增长 2.79%。 毛利率持续优化，降本增效成果显著。2024 年全年公司整体毛利率为 16.22%，同比增长 1.14pct，其中 Q4 毛利率为 18.01%，同比下滑 0.37pct。2025 年 Q1 毛利率为 17.90，同比增长 2.39pct。分业务看，汽 车安全系统 2024 年收入 386.17 亿元（同比+0.23%），毛利率 14.81% （同比+2.27pct），欧洲、美洲工厂产能优化及供应链管控成效显著；汽 车电子系统 2024 ...

Financial Performance - Company reported total revenue of 297 million yuan for Q1 2025, a year-on-year increase of 20.7% [1] - Net profit attributable to shareholders reached 1.08 million yuan, up 163.14% year-on-year [1] - Gross margin improved by 3.42% to 16.42%, while net margin increased by 102.52% to 0.03% [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 28.03 million yuan, accounting for 9.42% of revenue, a decrease of 18.39% year-on-year [1] - The company’s cash flow per share was 0.1 yuan, down 60.64% year-on-year [1] Balance Sheet and Debt - The company’s monetary funds decreased by 19.03% to 159 million yuan, while accounts receivable increased by 43.26% to 426 million yuan [1] - Interest-bearing liabilities rose by 8.08% to 796 million yuan, with a debt-to-asset ratio of 31% [4] Business Model and Strategy - The company relies heavily on equity financing, with a cumulative financing total of 677 million yuan since its IPO and a dividend payout of 42.51 million yuan, resulting in a dividend-to-financing ratio of 0.06 [3] - The company is expanding its presence in the electric vehicle sector, having successfully launched its 1 millionth automotive-grade dual-sided cooling encapsulation module [5] Future Outlook - Analysts expect the company’s performance in 2025 to reach 39 million yuan, with an average earnings per share of 0.18 yuan [4]