AWINIC(688798) 中邮证券·2025-04-16 02:23Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - 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, significantly enhancing its profitability through timely technological and product innovations [5] - The company has launched over 1,400 products across 42 categories, achieving an annual shipment of over 6 billion units by the end of 2024 [5] Financial Performance - The company achieved a 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 in 2027 [12] Product Innovation - The company has made significant advancements in high-performance mixed-signal chips, including audio amplifiers, haptic products, and camera driver chips, achieving mass production and certification for automotive applications [6][8] - The power management chip segment has seen the introduction of various products, including high PSRR LDOs and DCDC converters, with successful penetration into the automotive sector [7] - The signal chain chip category has expanded with new offerings in operational amplifiers and comparators, targeting industrial applications [8][9]