HMD(002947) 华创证券·2025-04-13 03:44Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][21]. Core Views - The company is projected to achieve a significant increase in net profit for Q1 2025, with estimates ranging from 105 million to 120 million yuan, representing a year-over-year growth of 49.14% to 70.44% [2]. - The growth is driven by strong performance in the precision flexible structural components for consumer electronics and the precision metal components from Huayangtong, with a forecasted revenue increase of 66.1% in 2025 [2][6]. - The company has established strong relationships with major clients, including Apple and Google, positioning it well for future growth in the die-cutting market [6]. - Huayangtong's server business is expected to benefit from the AI development trend, with expansion into charging piles and energy storage [6]. Financial Summary - Total revenue is projected to grow from 2,486 million yuan in 2024 to 7,152 million yuan by 2027, with a compound annual growth rate (CAGR) of 27.6% [2][7]. - Net profit is expected to increase from 457 million yuan in 2024 to 1,223 million yuan in 2027, reflecting a CAGR of 30.3% [2][7]. - Earnings per share (EPS) is forecasted to rise from 1.78 yuan in 2024 to 4.77 yuan in 2027 [2][7]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 17 in 2024 to 6 in 2027, indicating increasing profitability relative to its stock price [2][7].