Avary Holding(002938) 华安证券·2025-04-11 10:23Investment Rating - The report maintains a "Buy" rating for the company, indicating expected returns exceeding the market benchmark by more than 15% over the next 6-12 months [8]. Core Views - The company achieved a revenue of 35.14 billion yuan in 2024, representing a year-on-year growth of 9.6%, with a net profit attributable to shareholders of 3.62 billion yuan, up 10.1% year-on-year [5][10]. - The report highlights the company's strategic positioning in the AI wave, leveraging its technology, customer relationships, and production capacity to capitalize on the growing demand in the consumer electronics market [5][6]. - The company is expected to benefit from the increasing penetration of AI features in consumer electronics, with global AI smartphone shipments projected to reach 16% of total smartphone shipments in 2024, growing to 54% by 2028 [6][7]. Financial Performance Summary - In Q4 2024, the company reported a revenue of 11.65 billion yuan, a year-on-year increase of 0.4% and a quarter-on-quarter increase of 12.5% [5]. - The gross margin for Q4 2024 was 21.4%, showing a slight decline compared to previous periods, while total expenses decreased significantly due to positive financial income [5]. - The company forecasts net profits of 4.19 billion yuan, 4.62 billion yuan, and 5.00 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.81 yuan, 1.99 yuan, and 2.16 yuan [8][10].