Sunlord(002138) 山西证券·2025-04-22 10:47Investment Rating - The report maintains a "Buy-A" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [5][8]. Core Views - The company reported a revenue of 1.461 billion yuan in Q1 2025, representing a year-on-year growth of 16.03%. The net profit attributable to the parent company was 233 million yuan, up 37.02% year-on-year, exceeding expectations [5]. - Emerging markets such as automotive electronics and data centers are showing significant growth, with automotive electronics and energy storage revenue increasing by 65.46% year-on-year [6]. - The company's gross margin remained stable at 36.6%, with effective cost control reflected in reduced management, sales, and R&D expense ratios [6][7]. Financial Performance - For the fiscal year 2025, the company is projected to achieve a net profit of 1.092 billion yuan, with earnings per share (EPS) of 1.35 yuan. The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 20.8, 16.5, and 13.1, respectively [8][10]. - The company’s operating cash flow improved to 329 million yuan in Q1 2025, compared to 238 million yuan in Q1 2024, indicating better cash management [7]. - The company’s total revenue is expected to grow from 5.04 billion yuan in 2023 to 12.004 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 23.8% [10][12]. Market Performance - As of April 21, 2025, the company's closing price was 28.21 yuan, with a market capitalization of 22.746 billion yuan [3]. - The stock has seen a yearly high of 34.04 yuan and a low of 22.50 yuan, indicating volatility in its market performance [3]. Product Segmentation - In Q1 2025, the revenue breakdown by product was as follows: signal processing (34.9%), power management (34.8%), automotive electronics and energy storage (21.5%), and ceramics & PCB and others (8.7%) [6].