NCE(605111) 国金证券·2025-04-25 15:03Investment Rating - The report maintains a "Buy" rating for the company, with expected profit growth rates of 27%, 24%, and 21% for the years 2025 to 2027 respectively [4] Core Insights - The company reported a revenue of 1.828 billion RMB for 2024, representing a year-on-year increase of 23.83%, and a net profit attributable to shareholders of 435 million RMB, up 34.50% year-on-year [2] - In Q1 2025, the company achieved a revenue of 449 million RMB, a 20.81% increase year-on-year, and a net profit of 108 million RMB, reflecting an 8.20% increase year-on-year [2] - The company is focusing on high-end market applications, expanding its influence in sectors such as AI, robotics, automotive electronics, and drones, with a significant increase in automotive electronics sales [3] Summary by Sections Performance Review - For 2024, the company achieved a total revenue of 1.828 billion RMB and a net profit of 435 million RMB, with Q4 2024 revenue at 473 million RMB, showing a 26.98% year-on-year increase [2] - In Q1 2025, the company reported a revenue of 449 million RMB and a net profit of 108 million RMB, with a gross margin increase of 1.9 percentage points to 36.58% [2] Market and Product Strategy - The company is enhancing its market presence by maintaining existing customer relationships while exploring new applications, particularly in high-end markets [3] - The automotive electronics segment has seen a significant increase, with over 200 vehicle-grade MOSFETs launched and sales up over 60% year-on-year [3] Financial Forecast - The projected net profits for 2025, 2026, and 2027 are 551 million RMB, 684 million RMB, and 826 million RMB respectively, with corresponding EPS of 1.33, 1.65, and 1.99 RMB [4] - The current stock price corresponds to a PE ratio of 24, 19, and 16 for the years 2025, 2026, and 2027 respectively [4]