Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 29.3 yuan for 2025 [2][9]. Core Views - The company's 2024 revenue is reported at 3.59 billion yuan, a year-on-year decrease of 8%, with a net profit attributable to the parent company of 425 million yuan, down 14% year-on-year [2][5]. - The company is recognized as a leader in stamping technology and is emerging in integrated die-casting and hot forming, with diversified layouts supporting long-term development [4][9]. - The fourth quarter performance is under pressure due to impairment provisions, but revenue is expected to recover to historical highs in the upcoming quarters [9]. Financial Summary - Revenue Forecast: - 2024: 3.59 billion yuan (down 8.2%) - 2025: 3.98 billion yuan (up 10.8%) - 2026: 4.39 billion yuan (up 10.2%) - 2027: 4.85 billion yuan (up 10.7%) [5][10] - Net Profit Forecast: - 2024: 425 million yuan (down 14.4%) - 2025: 466 million yuan (up 9.6%) - 2026: 532 million yuan (up 14.1%) - 2027: 582 million yuan (up 9.5%) [5][10] - Earnings Per Share (EPS): - 2024: 1.78 yuan - 2025: 1.95 yuan - 2026: 2.23 yuan - 2027: 2.44 yuan [5][10] - Valuation Ratios: - Price-to-Earnings (P/E) ratio for 2025 is projected at 15 times [9][10]. Business Performance - The company’s revenue in Q4 2024 was 1.1 billion yuan, with a year-on-year decline of 5% and a quarter-on-quarter increase of 16% [9]. - The automotive parts segment generated 3.32 billion yuan in revenue for 2024, down 5% year-on-year, primarily due to weak sales performance from major client T China [9]. - The company has secured new project contracts worth 2.5 to 3 billion yuan, which are expected to significantly support revenue growth in 2025 [9]. Market Position - The company has established itself as a key supplier for major automotive manufacturers, including Tesla and Li Auto, and is recognized for its high gross margin of over 20% and net margin of over 10% in the stamping industry [9]. - The integrated die-casting and hot forming technologies are seen as areas of strong competitive advantage, with recent contracts indicating growing client recognition in these new business areas [9].
多利科技（001311）：2024年报点评：4Q业绩短期承压，25年轻装上阵