Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's performance in 2024 met expectations, with revenue reaching 617 million yuan, a year-on-year increase of 32.1%, and a net profit attributable to shareholders of 87.66 million yuan, up 13.9% year-on-year [7][10] - The company is positioned as a platform for ultrasonic sensors rather than just an automotive parts manufacturer, with strong technological advantages and a focus on expanding applications across multiple downstream sectors [10] Financial Summary - In 2024, the company achieved total revenue of 617 million yuan, with a gross profit margin of 34.81%, down 3.15 percentage points year-on-year [10][12] - The company plans to distribute a cash dividend of 3 yuan per 10 shares, totaling 42.34 million yuan [7] - Revenue projections for the next few years are as follows: 748 million yuan in 2025, 896 million yuan in 2026, and 1,043 million yuan in 2027, with corresponding net profits of 104 million yuan, 123 million yuan, and 144 million yuan respectively [9][12] Investment Highlights - The domestic business revenue increased significantly, accounting for 53.56% of total revenue, with a year-on-year growth of 43% [10] - The automotive electronics demand is expected to grow due to the increasing adoption of advanced driver-assistance systems, with the company being a Tier-2 supplier for major domestic manufacturers [10] - The company is expanding into new fields such as robotics, low-altitude applications, and deep-sea technologies, with significant market potential in underwater sensor technology [10]
奥迪威（832491）：24年业绩符合预期，机器人+低空+深海多下游延展