Guobo Electronics (688375) 新浪财经·2025-04-22 10:37Core Viewpoint - The company reported a revenue of 2.591 billion yuan for 2024, a year-on-year decrease of 27.36%, and a net profit attributable to shareholders of 485 million yuan, down 20.06% year-on-year, which aligns with previous announcements [1] Financial Performance - In Q1 2025, the company achieved a revenue of 350 million yuan, a year-on-year decline of 49.51%, and a net profit of 57.53 million yuan, down 52.37% year-on-year, which was below the previous net profit expectation of 124 million yuan [1] - The company's gross margin for 2024 was 38.59%, an increase of 6.31 percentage points year-on-year, with a net profit margin of 18.70%, up 1.71 percentage points year-on-year [2] - For Q1 2025, the gross margin was 43.01%, an increase of 7.38 percentage points year-on-year, while the net profit margin was 16.44%, a decrease of 0.99 percentage points year-on-year [2] Business Segments - The T/R component and RF module business generated revenue of 2.332 billion yuan in 2024, a year-on-year decrease of 30.99%, while the RF chip business revenue was 170 million yuan, an increase of 33.46% year-on-year [2] - The company is actively expanding its T/R component applications across various platforms, including airborne, satellite, and naval systems, which are expected to contribute to performance in 2025 [2] - The company is accelerating its expansion into the mobile terminal sector, with expectations for rapid growth in the RF chip business as products enter mass production [1] Future Outlook - The company maintains an "overweight" rating, projecting net profits for 2025-2027 to be 603 million, 745 million, and 919 million yuan respectively, with slight downward adjustments from previous estimates [3] - The target price for 2025 is set at 62.67 yuan per share, based on a target PE of 62x, reflecting the anticipated growth in military T/R components and rapid breakthroughs in civilian RF chips [3]