资本输血非长久之计，客户依赖与低毛利困局隐现。 作者 | 白猫 编辑 | 小白 大家有没有发现，近两年新能源汽车中插混汽车销量占比提高的很快。 根据中汽协的最新数据，2024年插混汽车销量占新能源汽车比例为40%，较2022年来看，提高了17个 百分点！ 还记得几年前，插电混动？更多人是带着些许观望和试探的意味。 从"备胎"到"真香"，这背后，是新能源用户画像的悄然改变，可谓"你一票，我一票，插混就出道"。 今天要来解读的隆盛科技（300680.SZ，公司），其业务便和"插混"有关。 近7年来，公司业务持续高速成长。在二级市场上，开年以来，其股价也屡创新高。 那么，这家公司的质地究竟如何呢？ 风云 君核心 观点如下： ( 制图：市值风云 APP) 三驾马车驱动，高速增长 公司总部位于无锡，成立于2004年，是国家专精特新小巨人企业，实控人倪茂生、倪铭父子俩合计直 接持股29.38%。 ( 隆盛科技 2023 年报 ) ( 前十大股东，市值风云 APP) 2017年，公司上市，此时主业还是商用柴油机发动机废气再循环（EGR）业务，EGR产品的作用可以 简单理解为节能减排。 在柴油商用车中， EGR 系统能有效降 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a significant revenue increase of 31.21% year-on-year for 2024, reaching 2.397 billion yuan, with a net profit growth of 52.81% to 224 million yuan [1] - In Q1 2025, the company achieved a revenue of 606 million yuan, reflecting a year-on-year growth of 7.06%, and a net profit of 59 million yuan, up 11.41% year-on-year [2] - The company is expanding its robotics business, focusing on advanced technologies such as dexterous hands and harmonic reducers, and has established a subsidiary to enhance its capabilities in humanoid robotics [3] Financial Summary - The company forecasts revenues of 3.44 billion yuan, 4.41 billion yuan, and 5.47 billion yuan for 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 43.4%, 28.3%, and 23.9% [4] - Expected net profits for the same years are projected at 331 million yuan, 435 million yuan, and 530 million yuan, with growth rates of 47.5%, 31.5%, and 21.9% [4][9] - The company's earnings per share (EPS) is expected to increase from 0.97 yuan in 2024 to 2.29 yuan in 2027 [11]

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 52.9 CNY for 2025, based on a 40x PE valuation [3][6]. Core Insights - The company reported a strong performance in 2024, achieving a revenue of 2.397 billion CNY, a year-on-year increase of 31.21%, and a net profit attributable to shareholders of 224 million CNY, up 52.81% year-on-year [1][2]. - The growth in revenue was driven by various business segments, with EGR, new energy, and stamping parts generating revenues of 729 million CNY, 1.034 billion CNY, and 421 million CNY, respectively, reflecting year-on-year growth rates of 30%, 29%, and 43% [2]. - The company has made significant advancements in the humanoid robot sector, focusing on key components such as dexterous hands and harmonic reducers, indicating potential for future growth [3]. Financial Summary - In 2024, the company achieved a gross margin of 17.95%, an increase of 0.16 percentage points year-on-year, and a net margin of 9.57%, up 1.43 percentage points year-on-year [2]. - The projected revenues for 2025-2027 are 3.402 billion CNY, 4.456 billion CNY, and 5.596 billion CNY, with corresponding net profits of 306 million CNY, 425 million CNY, and 562 million CNY, indicating a robust growth trajectory [4][12]. - The company’s net asset return is expected to improve from 12.31% in 2024 to 19.20% by 2027, showcasing enhanced profitability [4][12].