supor(002032) 天风证券·2025-02-27 12:23Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [3][2]. Core Insights - The company achieved a revenue of 22.43 billion yuan in 2024, representing a year-on-year increase of 5.27%. The net profit attributable to the parent company was 2.24 billion yuan, up 2.97% year-on-year [1][2]. - In Q4 2024, the company reported a revenue of 5.92 billion yuan, a slight decline of 0.4% year-on-year, and a net profit of 812 million yuan, down 0.7% year-on-year [1]. - Domestic sales faced challenges due to a complex market environment, but the company maintained its market share through innovation and strong channel advantages. In contrast, external sales orders showed significant growth compared to the previous year [1][2]. - The company expects a 4.6% increase in its OEM revenue for 2025, projecting a total of 7.37 billion yuan [1]. Financial Data Summary - The company’s revenue is projected to grow from 22.43 billion yuan in 2024 to 24.57 billion yuan in 2026, with growth rates of 5.27% and 4.03% respectively [7]. - The net profit attributable to the parent company is expected to rise from 2.24 billion yuan in 2024 to 2.58 billion yuan in 2026, with growth rates of 2.97% and 7.73% respectively [7]. - The company’s earnings per share (EPS) is forecasted to increase from 2.80 yuan in 2024 to 3.22 yuan in 2026 [7]. - The price-to-earnings (P/E) ratio is projected to decrease from 19.21x in 2024 to 16.71x in 2026, indicating a potentially more attractive valuation over time [7].