ECT(300679) 天风证券·2025-04-24 02:44Investment Rating - The investment rating for the company is "Buy" with a target price not specified [4] Core Views - The company is expected to benefit from the increasing penetration of autonomous driving, particularly as smart driving technology is introduced in vehicles priced below 100,000 yuan, significantly expanding the company's growth potential [1][2] - Despite short-term challenges due to increased capital expenditures and a temporary decline in profit margins, the long-term outlook remains positive as production capacity utilization is anticipated to rise with the growing adoption of smart driving technologies [3][2] Financial Performance - In 2024, the company achieved a revenue of 4.661 billion yuan, a year-on-year increase of 48.97%, and a net profit of 622 million yuan, up 74.73% from the previous year [2][3] - For Q1 2025, the company reported a revenue of 1.196 billion yuan, reflecting a 15.02% year-on-year growth, while the net profit was 123 million yuan, down 23.80% year-on-year due to a decline in gross margin [2][3] - The gross margin for Q1 2025 was 30.74%, down from 33.34% in Q4 2024 and 35.31% in Q1 2024, attributed to increased depreciation and operational costs from significant capital investments [2] Future Outlook - The company is expected to gradually benefit from the rollout of smart driving solutions by major domestic manufacturers in Q2 2025 and beyond, which will likely enhance production capacity and profitability [3] - Revenue projections for 2025-2026 have been adjusted to 800 million yuan and 1.020 billion yuan respectively, with a forecast of 1.240 billion yuan for 2027 [3] Financial Data and Valuation - The company's projected revenue growth rates are 30% for 2025, 25% for 2026, and 20% for 2027 [3] - The estimated earnings per share (EPS) are projected to be 1.89 yuan in 2025, 2.41 yuan in 2026, and 2.92 yuan in 2027 [3] - The price-to-earnings (P/E) ratio is expected to decrease from 26.63 in 2025 to 17.20 in 2027, indicating potential for value appreciation [3]