SONAVOX(688533) 信达证券·2025-03-01 00:23Investment Rating - The investment rating for the company is not explicitly stated in the provided content, but the report indicates a positive outlook on the company's performance and growth potential [1]. Core Insights - The company reported a total revenue of 2.77 billion yuan for 2024, representing an 18.9% year-on-year increase, and a net profit attributable to shareholders of 236 million yuan, which is a 48.6% increase year-on-year [1]. - The automotive acoustic products market is expanding due to the electrification and intelligence of vehicles, with the number of speakers in new energy vehicles generally ranging from 8 to over 20, compared to 4-8 in traditional fuel vehicles [4]. - The company is actively expanding its global market presence, with 40.28% of its main business revenue coming from exports in the first half of 2024, particularly strong sales in the United States [4]. - Cost management optimization has led to improved profitability, with a net profit margin of 8.5% for 2024, an increase of 1.7 percentage points year-on-year [4]. - The company forecasts net profits of 340 million yuan and 431 million yuan for 2025 and 2026, respectively, with corresponding EPS of 2.09 yuan and 2.65 yuan [4]. Financial Summary - Total revenue (in million yuan): 1,769 (2022), 2,326 (2023), 2,766 (2024E), 3,653 (2025E), 4,384 (2026E) [5]. - Year-on-year growth rates for total revenue: 35.9% (2022), 31.5% (2023), 18.9% (2024E), 32.1% (2025E), 20.0% (2026E) [5]. - Net profit attributable to shareholders (in million yuan): 87 (2022), 159 (2023), 236 (2024E), 340 (2025E), 431 (2026E) [5]. - Net profit growth rates: 43.7% (2022), 82.4% (2023), 48.6% (2024E), 44.1% (2025E), 26.7% (2026E) [5]. - Gross margin: 20.3% (2022), 25.5% (2023), 26.2% (2024E), 26.5% (2025E), 26.7% (2026E) [5]. - Return on equity (ROE): 7.9% (2022), 12.2% (2023), 15.3% (2024E), 18.0% (2025E), 18.6% (2026E) [5]. - EPS (diluted): 0.54 (2022), 0.98 (2023), 1.45 (2024E), 2.09 (2025E), 2.65 (2026E) [5].