Avary Holding(002938) 国信证券·2025-04-21 14:41Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company is experiencing steady growth in major customer share, driven by AI innovations that are revitalizing demand in the consumer electronics sector. The 2024 annual report indicates a revenue of 35.14 billion (YoY +9.6%) and a net profit of 3.62 billion (YoY +10.1%) [1][2] - The company is actively expanding its AI capabilities across the "cloud, network, and terminal" sectors, with significant capital expenditure plans reflecting long-term confidence in high-end product demand driven by AI [3][6] - The company anticipates a boost in performance in Q1 2025 due to new product launches, including the iPhone 16e, and is adjusting its profit forecasts while maintaining an optimistic outlook on its competitive edge in high-end products [3][6] Summary by Sections Financial Performance - The company reported a revenue of 35.14 billion in 2024, with a net profit of 3.62 billion, reflecting a year-on-year growth of 10.1%. The gross margin was 20.8%, and the net margin was 10.3% [1][5] - For Q4 2024, the revenue was 11.65 billion (YoY +0.4%, QoQ +12.5%), with a net profit of 1.65 billion (YoY +14.1%, QoQ +38.3%) [1][5] Product Segmentation - Revenue from communication boards was 24.24 billion (YoY +3.1%), while revenue from consumer electronics and computer boards was 9.75 billion (YoY +22.3%), with AI-related products accounting for over 45% of this segment [2] - The automotive and server PCB products saw a significant revenue increase of 90.3% to 1.03 billion, indicating strong growth in these areas [2] Future Outlook - The company plans to increase its capital expenditure to 5 billion in 2025, up from 700 million in 2024, focusing on high-end product development and expansion in Thailand and other regions [3][5] - The profit forecast for 2025-2027 has been adjusted to 4 billion, 4.8 billion, and 5.7 billion respectively, with expected growth rates of 11%, 20%, and 18% [3][5]