NBGF(603788) 东兴证券·2025-05-07 09:52Investment Rating - The report maintains a "Recommended" rating for Ningbo Gaofa [2][5] Core Views - The company achieved a revenue of 386.51 million yuan in Q1 2025, representing a year-on-year growth of 10.9% and a quarter-on-quarter increase of 2.3% [3] - The growth in revenue is driven by increased sales from major clients such as Geely, BYD, Chery, and Seres, as well as the expansion into overseas and joint venture markets [3] - The gross margin for Q1 2025 was 21.25%, showing a significant recovery from 16.98% in Q4 2024, although slightly lower than 21.5% in Q1 2024 [4] - The expense ratio (sales + management + R&D) decreased to 8.5% in Q1 2025, down 0.79 percentage points from Q4 2024 and 1.73 percentage points from Q1 2024 [4] - The net profit margin for Q1 2025 was 11.9%, reflecting a year-on-year increase of 1.9 percentage points [4] - The company has a strong cash position, with cash and cash equivalents totaling 849 million yuan, and short-term borrowings reduced to 24.64 million yuan [4] Financial Forecasts - The company is expected to achieve net profits of 221.45 million yuan, 256.24 million yuan, and 298.50 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.99, 1.15, and 1.34 yuan [5][6] - Revenue projections for 2025 to 2027 are 1.68 billion yuan, 1.93 billion yuan, and 2.24 billion yuan, with growth rates of 15.12%, 14.86%, and 15.76% respectively [6] Company Overview - Ningbo Gaofa specializes in the research, production, and sales of automotive transmission control systems and acceleration control systems [7]