2025年一季度，恒帅股份收入和利润均呈现一定程度的下降。其中，营业收入为2.03亿元，较上年同期 下降16.04%，归属于上市公司股东的净利润为4180.08万元，较上年同期下降35.48%。从业务拆分情况 来看，传统清洗业务板块依旧承压，一季度仍未得到缓解。在电机业务板块也出现短期下滑，主要原因 在于部分客户账期逾期过长，基于应收账款风险和账期管控的考量，暂缓对该部分客户的供货。 恒帅股份此前在接受调研时，曾谈及公司电机业务后续业务拓展规划。 "目前，公司除继续执行现有产业拓源拓品的战略外，将深入挖潜新兴赛道电机品类和流体产品的开 发，围绕四大业务单元进行产品布局，丰富产品类别，打造品类丰富的产品超市。"恒帅股份表示，过 去几年，公司电机拓品方向主要集中于车身领域，后续公司将有针对性拓展车内电机及底盘领域的电机 品种，在大扭矩谐波无刷电机、ESP电机、EPB电机、ABS电机、EMB电机、电动门电机、座椅电机、 热管理系统电机执行器、ADAS清洗系统及相关气泵液泵、EMC性能、磁路设计、NVH性能等方面重 点投入，为后续发展奠定稳固的技术基础。 另外，恒帅股份今年计划加速国内客户拓展，摸排主流主机厂策略，并 ...

Investment Rating - Investment Rating: Buy (Maintain) [1] Core Views - The company's revenue and profit are under pressure due to challenges in both business segments, with traditional cleaning facing intensified competition and the motor segment experiencing a short-term decline. The company has also paused supply to some overdue customers due to accounts receivable risk and payment term management considerations [5][7] - The Q1 2025 financial results show a revenue of 203 million yuan, down 16.04% year-on-year and 21.44% quarter-on-quarter, with a net profit of 42 million yuan, down 35.48% year-on-year and 16.71% quarter-on-quarter [4][5] - The company is focusing on expanding its product offerings in the cleaning and motor sectors, with new products expected to drive profitability in the long term. The proactive sensing cleaning products are anticipated to enhance market share and revenue growth [6][8] Summary by Sections Business Performance - The revenue decline is primarily attributed to the overall operating environment and fluctuations in downstream customer demand, particularly in the traditional cleaning business. The motor segment has also seen a short-term decline [5] - The gross margin for Q1 was 32.22%, a decrease of 4.57 percentage points year-on-year and 0.28 percentage points quarter-on-quarter, influenced by the pressure on traditional cleaning system products [5][10] Financial Forecast - Revenue projections for 2025 to 2027 are estimated at 1.101 billion yuan, 1.337 billion yuan, and 1.702 billion yuan, respectively, with corresponding net profits of 239 million yuan, 290 million yuan, and 385 million yuan [7][10] - The company is expected to maintain a price-to-earnings ratio (P/E) of 27.76x, 22.84x, and 17.25x for the years 2025 to 2027 [7][10] Product Development - The traditional cleaning business faces challenges, while proactive sensing cleaning is expected to open new opportunities. The company plans to expand its partnerships with automotive manufacturers and enhance its global production layout [8] - The motor business is leveraging its core technologies to expand into various electric motor categories, including high-torque harmonic brushless motors and other automotive applications [8]