Investment Rating - The report does not provide a specific investment rating for the company [1] Core Views - The company reported a total revenue of 11.799 billion yuan for 2024, representing a year-on-year increase of 5.6%, while net profit decreased by 20.8% to 1.303 billion yuan [1][2] - The growth in revenue is attributed to strong momentum in APV and cartridge replacement repairs, although profits are under pressure due to increased short-term expenses [1][2] - The company’s APV segment achieved revenue of 2.475 billion yuan in 2024, a significant year-on-year increase of 34.0%, with notable growth in Europe and the US [2][3] - The HNB product line has made significant progress, with successful product launches and positive feedback from customers, positioning HNB as a key growth area for the company [3][4] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 11.799 billion yuan, with a net profit of 1.303 billion yuan, reflecting a decrease of 20.8% year-on-year [1][7] - The gross margin for 2024 was 37.4%, down 1.4 percentage points from the previous year, while the net profit margin was 12.01%, a decrease of 2.0 percentage points [5][9] - The company expects net profits for 2025-2027 to be 1.547 billion yuan, 2.420 billion yuan, and 3.077 billion yuan respectively, with corresponding P/E ratios of 49.4X, 31.6X, and 24.9X [5][7] Revenue Breakdown - The APV segment's revenue for 2024 was 2.475 billion yuan, with growth rates of 34.0% year-on-year, and the second half of the year saw a revenue of 1.359 billion yuan, up 13.4% year-on-year [2][3] - The OEM business generated revenue of 9.224 billion yuan in 2024, a slight decrease of 0.3% year-on-year, but showed a recovery in the second half with a 10.7% increase [2][3] Future Outlook - The company is focusing on HNB as a second growth curve, with plans for a key rollout in 2025 across multiple global markets [3][4] - The company is also investing in R&D and seeking collaborations with industry leaders to enhance its HNB offerings [3][4]
思摩尔国际：前期投入终见成效，HNB发展可期