FARATRONIC(600563) 中国银河·2025-03-25 10:05Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Insights - The company achieved a revenue of 4.772 billion yuan in 2024, representing a year-on-year increase of 22.99%, and a net profit attributable to shareholders of 1.039 billion yuan, up 1.48% year-on-year [4]. - The growth in revenue is primarily driven by the booming electric vehicle (EV) business, which accounts for over 50% of total revenue, alongside stable performance in the photovoltaic sector [4]. - The company's film capacitor product sales increased by 14.83% to 2.656 billion units, with an average price rise of 6.75% to 1.70 yuan [4]. - The gross margin decreased by 5.18 percentage points to 33.37% due to customer discounts and rising raw material costs [4]. - The company effectively managed expenses, resulting in a significant reduction in the expense ratio, which helped mitigate some of the gross margin decline [4]. - The company is expanding its overseas production capacity, with plans to invest up to 100 million yuan in establishing a subsidiary in Hungary, enhancing its service capabilities for international clients [4]. - The overseas revenue reached 1.006 billion yuan, accounting for 21.07% of total revenue, with a gross margin of 33.67% [4]. - The report forecasts revenue growth for 2025-2027, estimating revenues of 5.808 billion yuan, 6.862 billion yuan, and 7.825 billion yuan, with net profits of 1.353 billion yuan, 1.665 billion yuan, and 1.997 billion yuan respectively [4][5]. Financial Summary - In 2024, the company reported a gross margin of 33.37%, with projections for 2025-2027 indicating a gradual increase to 35.98% [5][8]. - The earnings per share (EPS) for 2024 was 4.62 yuan, expected to rise to 6.01 yuan in 2025 and 8.87 yuan by 2027 [5][8]. - The company’s total assets are projected to grow from 7.818 billion yuan in 2024 to 11.811 billion yuan in 2027 [7]. - The net profit margin is expected to improve from 21.78% in 2024 to 25.52% in 2027 [8].