Azure(SZ:002245) Soochow Securities·2025-03-10 23:46Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's Q4 performance met market expectations, with a revenue of 1.92 billion yuan, a quarter-on-quarter increase of 26% and a year-on-year increase of 8%. The net profit attributable to the parent company reached 210 million yuan, reflecting a quarter-on-quarter increase of 447% and a year-on-year increase of 80% [9] - The company achieved a shipment of 440 million units in 2024, doubling year-on-year, with an expected growth of 30% in 2025 to 600 million units. The profitability per unit for lithium batteries in Q4 was 0.7 yuan, a quarter-on-quarter increase of 223% [9] - The LED business showed significant profitability, contributing 110 million yuan in 2024, with expectations of a 35% increase in 2025 [9] - The company is expanding into new markets with its BBU product line, which is expected to grow significantly, and has partnered with Yushu Technology to explore robotics applications [9] - Operating cash flow for 2024 was 1.09 billion yuan, a year-on-year increase of 98%, indicating strong financial health [9] Financial Projections - Total revenue is projected to reach 6.76 billion yuan in 2024, with a year-on-year growth of 29.38%. The net profit attributable to the parent company is expected to be 488 million yuan, reflecting a year-on-year increase of 246.43% [1][10] - The company anticipates a net profit of 652 million yuan in 2025, with a growth rate of 33.72% [10] - The earnings per share (EPS) is projected to be 0.42 yuan in 2024, increasing to 0.57 yuan in 2025 [10]