ZHENHUA(000733) 新浪财经·2025-04-25 06:38Core Viewpoint - The company reported a significant decline in revenue and net profit for 2024, primarily due to weak downstream demand and price reductions in the specialty electronic components sector, but anticipates a recovery in demand post-Spring Festival and improved performance in the future [1][2]. Financial Performance - In 2024, the company achieved revenue of 5.219 billion yuan (down 32.99% year-on-year) and a net profit of 970 million yuan (down 63.83% year-on-year), which was below previous profit forecasts [1]. - For Q1 2025, the company reported revenue of 908 million yuan (down 10.45% year-on-year) and a net profit of 58.51 million yuan (down 42.60% year-on-year) [1]. - The new electronic components business generated revenue of 5.177 billion yuan in 2024 (down 33.20% year-on-year) with a gross margin of 49.80% (down 9.66 percentage points year-on-year) [2]. Business Segments - Subsidiary performance in 2024 included: - Zhihua Yunkai: Revenue of 663 million yuan (down 39.22% year-on-year), net profit of 159 million yuan (down 68.08% year-on-year) [2]. - Zhihua Yongguang: Revenue of 1.242 billion yuan (down 37.98% year-on-year), net profit of 502 million yuan (down 48.75% year-on-year) [2]. - Zhihua Fushi: Revenue of 547 million yuan (down 32.49% year-on-year), net profit of 125 million yuan (down 66.05% year-on-year) [2]. Industry Position and Outlook - The company maintains a core position in the specialty electronic components industry, with a comprehensive product range and ongoing innovation, including the development of new products and patents [3]. - The global political climate and increased defense spending are expected to provide sustained growth momentum for the specialty electronic components sector, indicating a positive long-term development trend for the company [3]. Profit Forecast and Valuation - The company’s projected net profits for 2025-2027 are 1.350 billion yuan, 1.701 billion yuan, and 1.995 billion yuan, respectively, reflecting a downward adjustment due to declining product prices and gross margins [4]. - The target price for the company is set at 75.53 yuan, based on a 31 times price-to-earnings ratio for 2025, maintaining a "buy" rating [4].