Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's profit is expected to continue to release in 2025, driven by XR and smart manufacturing, which will enhance its valuation [4] - The forecast for the company's net profit for 2025-2026 has been raised from USD 1.45/1.81 billion to USD 1.75/2.09 billion, with a new forecast for 2027 at USD 2.64 billion, corresponding to year-on-year growth rates of 47%/20%/26% [4][5] - The current stock price corresponds to a PE ratio of 20.9/17.5/13.9 for 2025-2026 [4] Financial Summary and Valuation Metrics - Revenue for 2024 is projected at USD 2.5 billion, a year-on-year increase of 170%, in line with expectations [5] - The gross profit margin for 2024 is 11.7%, down 2.1 percentage points year-on-year, with a projected gross margin of 11.5% for the second half of 2024 [5] - The net profit for 2024 is expected to be USD 1.2 billion, a year-on-year increase of 156%, with a net profit margin of 4.8% [5] - For 2025, revenue is expected to reach USD 3.4 billion, a 37% year-on-year increase, with net profit projected at USD 1.75 billion, a 47% increase [5][8] - The company maintains a focus on the optical module sector and is expanding into XR and smart manufacturing to drive growth beyond 2027 [6][8]
高伟电子:港股公司信息更新报告:2025年利润有望继续释放,XR及智能制造提振估值-20250323