Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - Q4 performance exceeded market expectations with total revenue of 580 million yuan, a year-on-year increase of 11%, and a net profit attributable to shareholders of 84.76 million yuan, up 27.37% year-on-year [1] - Revenue from consumables exceeded expectations, driving a recovery in profitability, with consumables revenue reaching 180 million yuan, a 67% increase, accounting for over 30% of total revenue [1] - The new business segments, particularly high-voltage wiring harnesses and IGBT, are experiencing rapid growth, with expected revenue doubling from 2024 to 2026 [1] Financial Performance Summary - Total revenue for 2022 was 522.49 million yuan, with a projected increase to 583.11 million yuan in 2024, and further growth to 1,122.83 million yuan by 2026 [1] - Net profit attributable to shareholders decreased to 66.54 million yuan in 2023 but is expected to recover to 84.76 million yuan in 2024 and reach 267.40 million yuan by 2026 [1] - The latest diluted EPS is projected to be 0.74 yuan in 2024, increasing to 2.33 yuan by 2026 [1] Revenue Breakdown - In 2024, consumables revenue is expected to be 180 million yuan, with a significant increase in the contribution to total revenue [1] - Revenue from high-voltage wiring harnesses and IGBT is projected to reach 130 million yuan in 2024, marking a 257% increase [1] - The ear welding revenue is anticipated to decline to 150 million yuan, a 54% decrease, but is expected to recover with new product launches [1] Profitability Metrics - The net profit margin for 2024 is projected to be 14.5%, an increase of 1.9 percentage points year-on-year [1] - The company is expected to maintain a gross margin above 60% for new business segments, contributing to overall profitability recovery [1]
骄成超声:2024年业绩快报点评:Q4业绩超市场预期,新业务开启高速增长-20250213