Sino Wealth(300327) 申万宏源证券·2025-04-03 06:44Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a revenue of 1.343 billion yuan for 2024, a year-on-year increase of 3.32%, while the net profit attributable to shareholders decreased by 28.01% to 134 million yuan [5] - The company aims to leverage its advantages in MCU and BMS to enter the robotics and smart automotive sectors [1] - The report adjusts profit forecasts, predicting a net profit of 183 million yuan for 2025, down from a previous estimate of 492 million yuan, with corresponding PE ratios for 2025-2027 at 44, 31, and 23 [8] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 1.543 billion yuan, with a year-on-year growth rate of 14.8% [7] - The company's gross margin for 2024 is projected at 33.6%, a decrease of 2.01 percentage points year-on-year [8] - The company expects to achieve a net profit of 354 million yuan by 2027, with a corresponding ROE of 13.9% [7][10] Market Position and Product Development - The company has maintained a strong competitive position in the smart home appliance sector, particularly in the MCU market, where it is a preferred choice for major domestic brands [8] - The company plans to launch several new products targeting the home appliance market in 2024, including a new generation of single-chip solutions for variable frequency air conditioning [8] - The company is also extending its BMIC technology into the automotive sector, focusing on battery management systems for smart vehicles [8]