Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index in the next 6 to 12 months [9]. Core Views - The company is experiencing pressure on earnings due to multiple factors, including increased management and R&D expenses, as well as impairment losses. The transition to a loss in 2024 is attributed to a decline in gross margin and increased costs associated with new capacity and business expansion [5][6]. - The company is expanding into the semiconductor and high-end precision manufacturing industries, aiming for platform development and globalization to drive long-term growth. Key partnerships with major clients in the automotive and communication sectors are expected to enhance its competitive edge [5][6]. Summary by Relevant Sections Financial Performance - In 2024, the company achieved revenue of 3,660 million yuan, a year-on-year increase of 14.7%. However, it reported a net loss of 160 million yuan, a significant decline from the previous year [5]. - The automotive parts segment saw a revenue increase of 46.3%, while the communication segment faced a revenue decline of 19.9% due to reduced demand from major clients [5]. Profitability Forecast - The report projects a recovery in profitability, with net profit expected to turn positive in 2025, reaching 65 million yuan, and further increasing to 148 million yuan in 2026 [5][6]. - The gross margin for 2024 is forecasted at 9.67%, down 5.7 percentage points year-on-year, with specific margins for communication and automotive segments at 6.8% and 9.68%, respectively [5]. Valuation Metrics - The report adjusts the company's net profit forecasts for 2025 and 2026 to 65 million yuan and 150 million yuan, respectively, with a new forecast for 2027 at 210 million yuan. The corresponding P/E ratios are projected at 80X, 35X, and 25X for the respective years [5][6].
美利信（301307）：多重因素致盈利承压，进军半导体行业及高端精密产业