FRD(300602) 中银国际·2025-04-23 07:33Investment Rating - The report maintains a "Buy" rating for the company [2][5][7] Core Views - The company is expected to benefit from a recovery in consumer electronics and an increase in demand for AI server-related products, leading to a steady growth in business scale [5][10] - The financial forecasts have been adjusted, with projected revenues of RMB 61.12 billion, RMB 73.23 billion, and RMB 88.16 billion for 2025, 2026, and 2027 respectively, and corresponding net profits of RMB 3.42 billion, RMB 4.41 billion, and RMB 5.71 billion [7][9] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of RMB 50.31 billion, a year-on-year increase of 15.76%, and a net profit of RMB 1.89 billion, up 83.01% [10] - For Q1 2025, the company reported a revenue of RMB 11.81 billion, a year-on-year increase of 14.74%, and a net profit of RMB 0.58 billion, up 85.57% [10] Business Growth Drivers - The recovery in consumer electronics and the return of market share for key clients in the mobile sector are expected to enhance the company's market share and profitability [10] - The AI server business is progressing well, with the company receiving bulk orders and entering mass production [10] Valuation Metrics - The company’s projected P/E ratios are 32.1, 24.9, and 19.2 for 2025, 2026, and 2027 respectively, indicating a favorable valuation outlook [7][9] - The projected EBITDA for the years 2025, 2026, and 2027 is RMB 789 million, RMB 919 million, and RMB 1.036 billion respectively [9]