Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the analysis suggests a positive outlook for the company's integrated die-casting business and customer structure optimization [2][4]. Core Viewpoints - The company reported a revenue of 3.59 billion yuan in 2024, a year-on-year decrease of 8.2%, and a net profit attributable to shareholders of 420 million yuan, down 14.4% year-on-year [2][4]. - The decline in performance is attributed to terminal fluctuations and increased costs, including asset depreciation and impairment provisions [4]. - The company is positioned to ramp up its integrated die-casting production, having established multiple large-scale production lines and secured several customer orders, with expectations for significant contributions to performance starting in the second half of 2025 [4]. - The company is projected to achieve revenues of 4.77 billion yuan, 5.68 billion yuan, and 6.54 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits of 580 million yuan, 700 million yuan, and 820 million yuan for the same years [4][5]. Summary by Relevant Sections Financial Performance - In 2024, the company achieved total revenue of 3.59 billion yuan, a decrease of 8.2% from 2023, and a net profit of 420 million yuan, down 14.4% year-on-year [2][4]. - The gross profit margin for 2024 was 21.08%, a decline of 2.13 percentage points compared to the previous year [4]. - The company expects to see revenue growth of 32.7%, 19.2%, and 15.1% in 2025, 2026, and 2027, respectively [5]. Business Outlook - The integrated die-casting business is anticipated to enter a phase of large-scale production starting in the second half of 2025, following a period of investment and business development [4]. - The company has established a strong customer base, including notable clients such as NIO, Leap Motor, and Li Auto, which is expected to enhance its market position [4]. Profitability Forecast - The company is projected to achieve a net profit of 580 million yuan in 2025, with a corresponding price-to-earnings ratio (P/E) of 10 times [5]. - The expected earnings per share (EPS) for 2025 is 2.43 yuan, with a forecasted P/E ratio decreasing to 7.32 by 2027 [5].
多利科技（001311）：24年大客户承压+费用影响业绩，一体化压铸放量在即