Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 is in line with expectations, while Q1 2025 results slightly exceed expectations. Revenue for 2024 is projected at 1.42 billion yuan, a year-on-year increase of 34%, with net profit attributable to shareholders at 186.94 million yuan, a year-on-year increase of 59.8% [8] - The growth in revenue is driven by the increase in sales of incentive fuses, with a significant rise in automotive sector revenue expected to continue in 2025 [8] - The company is focusing on high-margin products in the new energy sector, maintaining stable revenue and profit margins despite increased competition [8] - The company is expected to maintain a strong growth trajectory in the automotive sector, with a projected revenue increase of 50% in 2025 [8] Summary by Sections Financial Forecasts and Valuation - Total revenue is forecasted to reach 2.00 billion yuan in 2025, with a year-on-year growth of 40.87%. Net profit is expected to be 322.14 million yuan, reflecting a growth of 72.32% [1][9] - The earnings per share (EPS) is projected to be 4.86 yuan in 2025, with a price-to-earnings (P/E) ratio of 24.48 [1][9] - The target price for the stock is set at 171 yuan, based on a 25 times P/E ratio for 2026 [8] Revenue Breakdown - Automotive revenue is expected to reach 9 billion yuan in 2024, a 50% increase year-on-year, with Q4 2024 automotive revenue projected at 3 billion yuan [8] - New energy revenue is forecasted at 3.5 billion yuan in 2024, with a focus on high-margin products to stabilize revenue and profit margins [8] - The industrial control power supply sector is also showing strong growth, with a revenue increase of 78% year-on-year [8]
中熔电气（301031）：2024年年报、2025年一季报点评：24年激励熔断器放量，25Q1业绩亮眼