Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Viewpoints - The company is expected to achieve steady growth in revenue and profit, with a projected revenue of HKD 23.15 billion in 2024, representing a year-on-year increase of 12.8%, and a net profit of HKD 2.32 billion, up 21.9% year-on-year [6] - The company has made significant progress in new business areas, particularly in battery boxes and chassis structural components, securing major orders from key clients in both domestic and international markets [6] - The diversified product portfolio and balanced customer structure are expected to support the company's long-term sustainable growth [6] Financial Data and Forecast - Revenue is projected to grow from HKD 20.52 billion in 2023 to HKD 26.93 billion in 2025, with a compound annual growth rate (CAGR) of 16.3% [5][8] - Net profit is expected to increase from HKD 1.90 billion in 2023 to HKD 2.77 billion in 2025, reflecting a CAGR of 19.6% [5][8] - The company’s gross margin is forecasted to improve from 27.4% in 2023 to 29.0% by 2025 [5][8] - The earnings per share (EPS) is projected to rise from HKD 1.64 in 2023 to HKD 2.39 in 2025 [5][8] Valuation - The company is assigned a price-to-earnings (P/E) ratio of 10-12 times for 2025, leading to a fair value range of HKD 25.58 to HKD 30.70 [6]
敏实集团（00425）：公司年报点评：2024年盈利质量稳健提升