Core Insights - The company's performance in 2024 met expectations, with a revenue of 1.42 billion and a net profit of 190 million, reflecting a year-on-year growth of 34% and 60% respectively [1] - In Q4 2024, revenue reached 460 million, showing a quarter-on-quarter increase of 51% and a year-on-year increase of 22%, while net profit was 70 million, with a quarter-on-quarter increase of 112% [1] - For Q1 2025, revenue is projected at 390 million, with a quarter-on-quarter increase of 45% but a year-on-year decrease of 14% [1] Revenue Breakdown - The automotive segment saw a significant revenue increase of 50% in 2024, totaling 900 million, with Q4 revenue expected to be 300 million, a quarter-on-quarter increase of 20% [1][2] - The sales volume of incentive fuses reached 1.36 million units in 2024, a year-on-year increase of 201%, generating revenue of 140 million [1] - The company anticipates that the automotive segment will maintain a growth rate of over 50% in 2025 due to the increasing penetration of high-voltage fast-charging vehicles [2] New Energy Sector - The new energy segment generated revenue of 350 million in 2024, a slight year-on-year increase of 1%, with Q4 revenue expected to be 110 million, a quarter-on-quarter increase of 20% [2] - The gross margin for the new energy segment was 41% in 2024, down 4 percentage points year-on-year due to intensified industry competition [2] - The company is focusing on high-margin products and expects stable revenue and gross margins in 2025, with strong demand for photovoltaic energy storage in Q1 [2] Other Segments - The industrial power supply sector reported revenue of 100 million in 2024, a year-on-year increase of 78%, while the communication sector generated 50 million, up 22% [2] - Revenue from rail transportation reached 20 million, reflecting a year-on-year increase of 12% [2] Profit Forecast and Investment Rating - The company forecasts net profits of 320 million and 450 million for 2025 and 2026 respectively, an increase from previous estimates [2] - The projected net profit for 2027 is 600 million, representing year-on-year growth rates of 72%, 40%, and 33% for the respective years [2] - The company maintains a "buy" rating with a target price of 171, based on a 25x PE ratio for 2026, reflecting its leading position in the power fuse market [2]
中熔电气(301031)2024年年报&2025年一季报点评：24年激励熔断器放量 25Q1业绩亮眼