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. The revenue for 2024 is projected at 1.42 billion yuan, a year-on-year increase of 34%, with a net profit of 186.94 million yuan, up 60% year-on-year [8] - The company is expected to maintain strong growth in the automotive sector, particularly in incentive fuses, with a projected revenue increase of 50% in 2025 [8] - The company is focusing on high-margin products in the new energy sector, with stable revenue and profit margins anticipated [8] - The company is expected to achieve a net profit of 3.2 billion yuan in 2025 and 4.5 billion yuan in 2026, with a target price of 171 yuan based on a 25x PE ratio for 2026 [8] Financial Projections - Total revenue projections are as follows: 2023A: 1.06 billion yuan, 2024A: 1.42 billion yuan, 2025E: 2.00 billion yuan, 2026E: 2.67 billion yuan, 2027E: 3.44 billion yuan [1] - Net profit projections are: 2023A: 116.98 million yuan, 2024A: 186.94 million yuan, 2025E: 322.14 million yuan, 2026E: 452.57 million yuan, 2027E: 602.15 million yuan [1] - The projected EPS for 2024 is 2.82 yuan, increasing to 4.86 yuan in 2025 and 6.83 yuan in 2026 [1]
中熔电气：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-20250421