Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company achieved a revenue of 1.4 billion yuan in 2024, representing a year-on-year growth of 24.8%, with a net profit of 176 million yuan, up 0.8% [1] - In Q1 2025, the company reported a revenue of 348 million yuan, a year-on-year increase of 40.28%, and a net profit of 40.3 million yuan, up 14.42% [1] - The company is actively expanding new business scenarios and has entered a harvest period in overseas markets, with overseas revenue reaching 327 million yuan in 2024, a significant increase of 399.37% compared to 2023 [2] Summary by Sections Financial Performance - In 2024, the company's revenue was 1.4 billion yuan, with a growth rate of 24.8%, and the net profit was 176 million yuan, with a growth rate of 0.8% [5] - The forecast for 2025 estimates revenue of 1.966 billion yuan, a growth rate of 40.3%, and a net profit of 232 million yuan, a growth rate of 32.4% [5] Business Segments - The smart vehicle terminal products generated revenue of 547 million yuan in 2024, up 3.86% year-on-year; smart travel components saw revenue of 348 million yuan, up 50.57%; and smart sleep terminal products achieved revenue of 199 million yuan, a significant increase from 10.08 million yuan in 2023 [2] - The company is focusing on optimizing sleep scenarios, with the smart sleep terminal product, primarily the smart bed cover, contributing to new growth in the sleep economy market, which is projected to grow from 495.5 billion yuan in 2023 to 658.68 billion yuan by 2027 [3] Market Trends - The demand for sleep optimization is increasing, with 28% of residents sleeping less than 6 hours, indicating a growing market for sleep health products [3] - The global smart bed market is expected to grow from 1.328 billion USD in 2015 to 6.1 billion USD in 2024, driven by advancements in AI technology and consumer acceptance of smart home products [3][4] Future Outlook - The company is expected to achieve net profits of 232 million yuan, 292 million yuan, and 367 million yuan from 2025 to 2027, with growth rates of 32.4%, 25.8%, and 25.5% respectively [4] - The current price-to-earnings (PE) ratio is projected to decrease from 29X in 2025 to 18X in 2027, indicating potential for investment [4][5]
博实结（301608）：2024年年报、2025年一季报点评：实现高质量发展，新场景应用不断拓展