LY iTECH(002600) 申万宏源证券·2025-04-03 12:40Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company reported a record high revenue in Q4 2024, with total revenue of 44.21 billion yuan, a year-on-year increase of 29.56%, while the net profit attributable to shareholders was 1.75 billion yuan, a decrease of 14.50% [6] - The AI terminal, automotive, and low-altitude economy sectors significantly contributed to revenue growth, with AI terminal revenue reaching 40.73 billion yuan, up 32.75% year-on-year [6] - The company aims to become a leading manufacturer of humanoid robots, entering mass production in 2025, leveraging its core technologies in servo motors and motion controllers [6] - The company is positioned as a one-stop solution provider in the foldable screen market, supplying key components to major clients like Huawei and Xiaomi [6] - The company has become a core supplier for AMD in the server sector, providing cooling and power management solutions [6] - The long-term outlook remains positive, with projected net profits of 2.78 billion yuan for 2025 and 3.41 billion yuan for 2026, with a price-to-earnings ratio of 21 and 17 respectively [6] Financial Data and Profit Forecast - Total revenue is forecasted to grow from 34.12 billion yuan in 2023 to 63.95 billion yuan in 2027, with a compound annual growth rate of approximately 11.3% [5][8] - The net profit attributable to shareholders is expected to increase from 2.05 billion yuan in 2023 to 3.94 billion yuan in 2027, reflecting a significant growth trajectory [5][8] - The company's gross margin is projected to stabilize around 19% by 2027, indicating a focus on maintaining profitability amidst revenue growth [5]