ZHENHUA(000733) 民生证券·2025-04-24 10:23Investment Rating - The report maintains a "Recommended" rating for the company, considering its leading position in the domestic high-tech electronic components sector [6][8]. Core Views - The company reported a revenue of 5.22 billion yuan for 2024, a year-on-year decrease of 33.0%, and a net profit of 970 million yuan, down 63.8% year-on-year. The first quarter of 2025 showed a revenue of 910 million yuan, down 10.4% year-on-year, and a net profit of 59 million yuan, down 42.6% year-on-year. The performance aligns with expectations despite significant challenges in the market [3]. - The company faces pressure from cyclical market fluctuations and price reductions affecting profitability. The gross margin for 2024 decreased by 9.6 percentage points to 49.7%, and the net margin fell by 15.8 percentage points to 18.6% due to intensified competition and changes in procurement and technology [3][4]. - The company expects a revenue of 5.7 billion yuan for 2025, representing a year-on-year growth of 9.2%, and a total profit of 1.145 billion yuan, up 3.1% year-on-year [4]. Summary by Sections Financial Performance - In 2024, the company experienced a significant decline in revenue and profit across its subsidiaries, with notable decreases in revenue and net profit for its main business units [4]. - The company’s operating cash flow improved, with net cash flow from operating activities reaching 1.6 billion yuan in 2024, compared to 1.23 billion yuan in 2023 [5]. Revenue and Profit Forecast - The forecast for 2025 to 2027 indicates a gradual recovery, with expected net profits of 1.134 billion yuan, 1.371 billion yuan, and 1.6 billion yuan respectively, alongside corresponding PE ratios of 27x, 22x, and 19x [6][7]. Market Position and Strategy - The company is positioned as a core supplier in the high-tech electronic components field, leveraging its brand value matrix and capabilities in various emerging sectors such as commercial aerospace and new energy vehicles [6].