芯瑞达24A&25Q1业绩点评：业绩修复拐点显现

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][10] Core Views - The company is experiencing a performance recovery point, with significant growth expected in Mini modules and a gradual recovery in display terminals [2][13] - The company has announced a share buyback and incentive plan to anchor growth confidence [9][13] Revenue Analysis - Mini module revenue is expected to grow significantly, with a year-on-year increase of 35% for display modules and a projected doubling in Q4 [7][9] - Display terminal revenue has decreased by 45% year-on-year, but a recovery is anticipated in Q4 [7] Profit Analysis - The company reported a revenue of 259 million yuan in Q1 2025, a year-on-year increase of 3.4%, and a net profit of 46 million yuan, up 31.6% year-on-year [9] - For the full year 2024, the company expects a revenue of 1.183 billion yuan, a slight increase of 0.6% year-on-year, but a decline in net profit by 28.8% [9] Financial Forecast - The company forecasts revenues of 1.505 billion yuan in 2025, representing a year-on-year growth of 27.2%, and net profits of 156 million yuan, up 31.8% [12][13] - The projected gross margin is expected to improve to 22.5% in 2025 [12] Shareholder Returns - The company plans to distribute a dividend of 2.5 yuan per 10 shares, corresponding to a payout ratio of 47% [9] - The incentive plan includes granting 1.2668 million restricted shares to 70 individuals, including 5 executives, with a grant price of 8.36 yuan per share [9]