Investment Rating - The investment rating for the company is maintained as "Buy" [7] Core Views - The company reported a revenue of 1.421 billion RMB for 2024, representing a year-on-year increase of 34.11%, and a net profit of 186.94 million RMB, up 59.80% year-on-year. For Q1 2025, revenue reached 390 million RMB, a 44.98% increase year-on-year, with a net profit of 60.75 million RMB, up 125.81% year-on-year. The performance is within the forecast range, and the outlook remains positive due to the expansion into new products and emerging markets [1][5] - The gross margin and net margin for Q4 2024 and Q1 2025 showed significant year-on-year improvements, primarily due to enhanced cost control and a reduction in equity incentive expenses. The company expects further improvement in gross margins as the proportion of high-value new products increases [2][5] - The company is focusing on the mid-to-high-end market, particularly in the development of new products such as incentive fuses and smart fuses, which have seen a substantial increase in demand from industries like new energy vehicles and energy storage [3][4] - The company is actively expanding into new markets such as AI data centers and eVOLT, and is making steady progress in internationalization, particularly in Europe, North America, and Japan [4] Financial Projections - The company is projected to achieve a net profit of 316.24 million RMB in 2025, with a compound annual growth rate (CAGR) of 30.34% from 2025 to 2027. The estimated earnings per share (EPS) for 2025 is 4.77 RMB, with a target price set at 131.91 RMB based on a price-to-earnings (PE) ratio of 27.65 [5][6][7]
中熔电气：业绩高增，看好新产品与新市场拓展-20250421