Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2] Core Views - The company is expected to achieve a revenue of 377 million yuan in 2024, representing a year-on-year growth of 6.53%, and a net profit attributable to shareholders of 48 million yuan, which is a 10.35% increase year-on-year [4] - The automotive electronics market is experiencing rapid growth driven by the increase in new energy vehicle sales, and the company is actively capturing market share and securing new orders [4] - The earnings forecast for 2024-2026 has been slightly adjusted upwards, with expected net profits of 48 million, 64 million, and 80 million yuan respectively, and corresponding EPS of 0.59, 0.80, and 0.99 yuan [4] Financial Summary - The total revenue for 2022 was 237 million yuan, which increased to 354 million yuan in 2023, and is projected to reach 377 million yuan in 2024, 502 million yuan in 2025, and 623 million yuan in 2026 [12] - The net profit attributable to shareholders was 58 million yuan in 2022, decreased to 43 million yuan in 2023, and is expected to recover to 48 million yuan in 2024, with further growth to 64 million yuan in 2025 and 80 million yuan in 2026 [12] - The company’s gross margin is projected to improve from 33.8% in 2022 to 20.5% in 2026, while the net margin is expected to rise from 24.7% in 2022 to 12.8% in 2026 [12] Market Outlook - The global EMS market is expected to exceed 584.69 billion USD in 2024 and surpass 1.42 trillion USD by 2037, with a compound annual growth rate of over 7.1% from 2025 to 2037 [5] - The demand for PCBA in consumer electronics, automotive electronics, and industrial control is anticipated to grow significantly due to the rapid renewal of consumer electronics and the increasing penetration of new energy vehicles [5]
雅葆轩：北交所信息更新：汽车电子新订单注入业绩增长动力，2024年归母净利润同比增长10%-20250305