AWINIC(688798) 中邮证券·2025-04-16 01:12Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Insights - The company reported a revenue of 2.933 billion yuan for 2024, representing a year-on-year growth of 15.88%, and a net profit attributable to shareholders of 255 million yuan, which is a significant increase of 399.68% year-on-year [4][5] - The company is actively expanding into consumer electronics, industrial interconnect, and automotive markets, leading to a notable improvement in profitability [5] - The company has launched over 1,400 products across 42 categories, with an annual shipment volume exceeding 6 billion units by the end of 2024 [5] Financial Performance - The company achieved a comprehensive gross margin of 30.43% in 2024, an increase of 5.58 percentage points year-on-year [5] - The projected revenues for 2025, 2026, and 2027 are 3.542 billion yuan, 4.269 billion yuan, and 5.124 billion yuan respectively, with corresponding net profits of 405 million yuan, 578 million yuan, and 787 million yuan [10][12] - The earnings per share (EPS) are expected to grow from 1.10 yuan in 2024 to 3.38 yuan by 2027 [12] Product Innovation - The company has made significant advancements in high-performance mixed-signal chips, including audio amplifiers and power management chips, which have been successfully mass-produced and certified [6][7][8] - The company has introduced various power management chips and has achieved breakthroughs in automotive applications, enhancing power supply efficiency for vehicle communication systems [7][9] Market Outlook - The company is expected to maintain a strong growth trajectory, with revenue growth rates projected at 20.77% for 2025, 20.53% for 2026, and 20.02% for 2027 [12] - The company is well-positioned to capitalize on emerging trends in the electronics industry, particularly in the automotive and industrial sectors [5][10]