蓝思科技：多业务推动2025年加速成长

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of RMB 27.1, indicating a potential upside of 23.3% from the current price of RMB 22.0 [2][4][12]. Core Insights - The company is expected to experience strong growth in 2025, driven by multiple business segments including increased component value from new models of major clients, rapid expansion in Android customer base, and growth in non-smartphone sectors such as home appliances and automotive [7]. - The report highlights that the company is well-positioned to benefit from the AI wave in consumer electronics, reinforcing its status as a leading player in the sector [7]. - Financial projections indicate significant revenue growth, with expected revenues of RMB 89.8 billion in 2025, representing a 31% year-on-year increase [3][10]. Financial Summary - Revenue Forecast (2022-2026E): - 2022: RMB 46.7 billion - 2023: RMB 54.5 billion - 2024E: RMB 68.4 billion - 2025E: RMB 89.8 billion - 2026E: RMB 102.4 billion - Net Profit Forecast (2022-2026E): - 2022: RMB 2.4 billion - 2023: RMB 3.0 billion - 2024E: RMB 4.0 billion - 2025E: RMB 5.1 billion - 2026E: RMB 5.8 billion - Projected Gross Margin: - 2022: 19.2% - 2023: 16.6% - 2024E: 17.8% - 2025E: 16.9% - 2026E: 16.6% [3][10][12]. Valuation - The report employs a sum-of-the-parts valuation method, assigning different P/E ratios to various business segments, leading to a target price of RMB 27.1 based on a projected P/E of 26.5x for 2025 [12][13].