Hygon Information Technology (688041)2025-03-04 10:23Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [4][6]. Core Insights - The company achieved a revenue of 9.162 billion yuan in 2024, representing a year-on-year growth of 52.40%. The net profit attributable to shareholders was 1.931 billion yuan, also up by 52.87% [1]. - Significant inventory growth reflects supply chain resilience, with inventory reaching 5.425 billion yuan at the end of 2024, up from 1.074 billion yuan the previous year. This increase is crucial for the company's development amid supply challenges in the semiconductor industry [2]. - The company maintains a leading position in technology, with a strong R&D team of 2,157 personnel, 90.18% of whom are technical staff. R&D investment reached 3.446 billion yuan in 2024, accounting for 37.61% of revenue, indicating a commitment to innovation [3]. Financial Forecasts - The company is projected to achieve net profits of 2.586 billion yuan, 3.420 billion yuan, and 4.483 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 136, 103, and 79 [5][4]. - Revenue forecasts for the next three years are 12.323 billion yuan, 16.087 billion yuan, and 20.951 billion yuan, with growth rates of 34.5%, 30.5%, and 30.2% [5][8].