[Table_Summary] 前三季度业绩稳健增长，Q3 环比修复强劲。2025Q1-Q3 公司实现营业收 入 83.6 亿元，同比+27.0%，实现归母净利润 8.9 亿元，同比+14.6%。前 三季度毛利率 19.3%，同比-2.0pct，归母净利率 10.7%，同比-1.2pct。单 季度看，25Q3 业绩环比大幅改善。公司 Q3 实现营业收入 31.9 亿元，同 环比分别+22.5%/+26.4%；实现归母净利润 3.7 亿元，同环比分别 +15.2%/+46.5%。盈利能力方面，虽然降价压力仍然存在，但是公司凭借 收入规模增长和 WCBS 等高毛利产品占比提升，毛利率环比持续改善， 25Q3 实现毛利率 20.5%，环比+1.4pct，预计 25Q4 毛利率将会持续改善。 [Table_Title] 证券研究报告 / 公司动态报告 智能电控产品在手订单充足，前瞻布局 EMB 和机器人 智能电控产品快速放量，产品结构持续优化。智能电控产品是公司业绩 增长的核心驱动力，前三季度智能电控产品销量 473.3 万套，同比 +41.6%，远超机械制动产品和机械转向产品。2024 年公司机械制动/智能 电控/ ...

Core Viewpoint - The company reported strong Q3 results with revenue of 3.193 billion yuan, a year-over-year increase of 22.48% and a quarter-over-quarter increase of 26.43%, along with a net profit of 369 million yuan, reflecting a year-over-year increase of 15.15% and a quarter-over-quarter increase of 46.50%, surpassing previous expectations due to reduced pricing pressure and the release of scale effects [1][2]. Revenue Growth - Q3 revenue increased by 22.5% year-over-year and 26.4% quarter-over-quarter to 3.193 billion yuan, driven by rapid growth in sales from core clients such as Geely and Chery [2]. - Sales of intelligent electronic control, disc brakes, and lightweight products grew by 39%, 25%, and 10% year-over-year, and by 34%, 26%, and 24% quarter-over-quarter, respectively [2]. - The company secured a record number of new orders for WCBS and ADAS, with 29 and 14 new projects, respectively, indicating strong future growth potential in the intelligent electronic control business [2]. Profitability Improvement - Q3 gross margin decreased slightly by 0.38 percentage points year-over-year and increased by 1.36 percentage points quarter-over-quarter to 20.55%, attributed to reduced pricing pressure from core clients [3]. - The sales expense ratio increased by 0.13 percentage points quarter-over-quarter to 0.45%, while the management expense ratio decreased by 0.24 percentage points to 2.56% [3]. - The net profit margin for Q3 was 11.56%, reflecting a quarter-over-quarter increase of 1.58 percentage points [3]. Product Development and Growth Opportunities - The company is making progress in developing new products in the intelligent chassis sector, including WCBS, EMB, and intelligent suspension systems, which are expected to meet future L3 autonomous driving demands [4]. - The establishment of a joint venture with Zhejiang Jianzhuang Transmission aims to develop and produce ball screws and other components for humanoid robots, creating a new growth avenue [4]. Profit Forecast and Valuation - The company maintains its net profit forecasts for 2025-2027 at 1.445 billion, 1.857 billion, and 2.351 billion yuan, respectively, with a compound annual growth rate of 24.83% [5]. - The target price is set at 72.83 yuan based on a 23.8x PE ratio for 2026, slightly adjusted from the previous target of 73.3 yuan [5].

Core Viewpoint - The article highlights the significant growth of refinancing activities among listed companies in Anhui province, with a notable increase in scale and speed, driven by supportive policies and professional services [1][2][10]. Group 1: Policy Guidance - The Anhui provincial government initiated the "Welcoming Pine Action Plan" in 2022 to expand the refinancing scale of listed companies, utilizing various financing tools for mergers and acquisitions [2]. - As of August 2023, Anhui has 186 listed companies, ranking 7th nationally, reflecting the effectiveness of policy support in enhancing market participation [2]. Group 2: Service Empowerment - The Anhui Provincial Financial Management Bureau has implemented a comprehensive service mechanism to address the needs of listed companies, facilitating smoother refinancing processes [4]. - Securities firms have evolved from mere intermediaries to providing tailored refinancing solutions based on the specific needs of companies, enhancing their operational capabilities [5]. Group 3: Corporate Strategy - Refinancing is viewed as a strategic tool for companies to achieve upgrades rather than just a means to raise funds, exemplified by Anhui Fulede's record-breaking 73.3 billion yuan refinancing for a major acquisition [7]. - Companies like Wuhu Berteli are leveraging refinancing to expand production capacity and enhance R&D capabilities in response to industry transformations [7][8]. Group 4: Ecological Resonance - The explosive growth in Anhui's refinancing activities is attributed to the alignment of policy incentives with corporate needs, alongside broader capital market reforms and regional development strategies [10][11]. - The establishment of collaborative platforms, such as "Hui Keting," aims to connect Anhui enterprises with resources in major financial hubs, fostering a supportive ecosystem for innovation and growth [12].

Core Viewpoint - The company is issuing convertible bonds with a credit rating of AA, indicating a stable outlook, while highlighting the importance of understanding associated risks in the automotive industry and market dynamics [1][2]. Group 1: Industry and Market Risks - The automotive parts industry is closely tied to the automotive manufacturing sector, which is cyclical and influenced by macroeconomic conditions. In 2023, China's automotive production and sales reached 30.16 million and 30.09 million units, respectively, marking year-on-year growth of 11.6% and 12.0% [2]. - The automotive parts market is experiencing intensified competition, with both international giants and domestic suppliers vying for market share. The shift from price competition to technology and brand competition is notable [2][3]. Group 2: Operational and Financial Risks - The company has a high customer concentration, with the top five customers accounting for 75.34% of revenue in the latest reporting period. This reliance on major clients poses risks if their demand decreases due to market pressures [3]. - The company has significant related-party transactions, particularly with Chery Automobile, which accounted for 44.44% of revenue. While these relationships are stable, any adverse changes could impact profitability [3]. - The company's gross margin has been declining, with rates of 20.45%, 19.50%, and 18.81% over the reporting periods. Increased competition and downward pressure on vehicle prices could further affect margins [4]. Group 3: Fundraising and Investment Risks - The company is raising funds for projects related to mechanical braking and intelligent electronic control products. Successful implementation is contingent on market conditions and customer demand [5][6]. - The company faces risks related to the international trade environment, particularly for its investment project in Mexico, which could be affected by changes in trade policies and market conditions in North America [7]. Group 4: Dividend Distribution Policy - The company has a stable profit distribution policy, prioritizing cash dividends, with a minimum of 10% of distributable profits to be paid out annually. The policy emphasizes reasonable returns to investors while ensuring sustainable development [8][9].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is progressing smoothly in new business initiatives, aiming to become a supplier of intelligent chassis systems [1] - In 2024, the company expects revenue of 9.937 billion yuan, a year-on-year increase of 33%, and a net profit of 1.209 billion yuan, a year-on-year increase of 36% [3] - For Q1 2025, the company reported revenue of 2.6 billion yuan, a year-on-year increase of 42%, and a net profit of 270 million yuan, a year-on-year increase of 29% [1] Financial Performance - The company's revenue for 2024 is projected at 12.619 billion yuan, with a year-on-year growth of 28%, and a net profit of 1.556 billion yuan, with a year-on-year growth of 28.7% [4] - The gross profit margin for Q1 2025 is reported at 18.0%, down 2.8 percentage points year-on-year [2] - The company has a strong order backlog and is expanding its product lines, including electric control steering systems and air suspension systems [3] Market Demand and Expansion - The domestic demand for new energy vehicles in Q1 2025 reached 3.075 million units, a year-on-year increase of 47% [1] - The company is expanding its overseas presence with R&D and production bases in the US and Mexico, which is expected to support future growth [1][2] - The company has successfully developed and validated several new products, including the WCBS 2.0B platform and electric control steering products [3] Profitability Forecast - The company forecasts net profits of 1.556 billion yuan in 2025, 2.0 billion yuan in 2026, and 2.58 billion yuan in 2027, with corresponding P/E ratios of 23, 18, and 14 times [3][4]

Core Insights - The company achieved a revenue of 9.937 billion, representing a year-on-year increase of 33.0%, and a net profit attributable to shareholders of 1.209 billion, up 35.6% year-on-year [1][2] Revenue Performance - The company's revenue for 2024 reached 9.937 billion, with Q4 2024 revenue at 3.358 billion, showing year-on-year growth of 41.8% and quarter-on-quarter growth of 28.8% [2] - By business segment, revenue growth for 2024 was as follows: mechanical braking +32%, intelligent electric control +37%, and mechanical steering +16% [2] - Major customers such as Chery, Geely, Changan, and Li Auto saw sales growth of 37%, 32%, 4%, and 33% respectively [2] Profitability Analysis - The gross margin for 2024 was 21.1%, a decrease of 1.4 percentage points year-on-year, while Q4 2024 gross margin was 20.9% [3] - The company’s non-GAAP net profit margin for 2024 was 11.2%, down 0.2 percentage points year-on-year, with specific net profit margins for subsidiaries being 12.5%, 11.3%, and 6.7% [3] Project Development and Capacity Expansion - The company has 430 projects under research, with 309 new projects entering mass production and 416 new projects being designated for production, expected to generate annual revenue of 6.5 billion [4] - In 2024, the company plans to increase production capacity for various components, including 1.25 million EPB calipers and 1.4 million AC6 actuators [4] - The company is actively developing intelligent driving technologies, including L2 and L2+ level ADAS products, and has made progress in electric steering product development [4] Investment Outlook - The company is expected to achieve revenues of 12.99 billion, 16.53 billion, and 21.08 billion in 2025, 2026, and 2027 respectively, with corresponding net profits of 1.54 billion, 1.92 billion, and 2.45 billion [5]