Sunlord(002138) 山西证券·2025-04-22 12:23Investment Rating - The report maintains a "Buy-A" rating for the company [1][7]. Core Views - The company has shown significant growth in emerging markets, particularly in automotive electronics and data centers, despite the off-season [1][5]. - The first quarter of 2025 saw the company achieve a revenue of 1.461 billion yuan, a year-on-year increase of 16.03%, and a net profit attributable to shareholders of 233 million yuan, up 37.02% year-on-year, exceeding expectations [4][5]. Financial Performance - In Q1 2025, revenue breakdown by product shows signal processing at 34.9%, power management at 34.8%, automotive electronics and energy storage at 21.5%, and ceramics & PCB and others at 8.7% [5]. - The company reported a gross margin of 36.6% in Q1 2025, slightly up from 34.5% in Q4 2024 and stable compared to 36.9% in Q1 2024 [5]. - Operating cash flow improved to 329 million yuan in Q1 2025 from 238 million yuan in Q1 2024, indicating better cash flow management [6]. Earnings Forecast - The company is projected to achieve net profits of 1.092 billion yuan, 1.380 billion yuan, and 1.743 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 1.35 yuan, 1.71 yuan, and 2.16 yuan [7][10]. - The estimated P/E ratios for 2025, 2026, and 2027 are 20.8, 16.5, and 13.1 respectively, indicating a favorable valuation trend [7][10].