Yonggui(300351) 开源证券·2025-04-29 05:42Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company reported steady revenue growth in 2024, achieving revenue of 2.02 billion yuan, a year-on-year increase of 33.04%, and a net profit of 126 million yuan, up 24.47% year-on-year. However, profits in Q1 2025 are under short-term pressure due to a decline in gross margin and an increase in expense ratios [3][4] - The company's revenue from the vehicle and energy information segment reached 1.17 billion yuan in 2024, growing by 52.24% year-on-year, with the new energy business contributing 1.12 billion yuan, indicating an ongoing optimization of the business structure [4] - The company is committed to technological innovation, increasing R&D investment to 165 million yuan in 2024, a growth of 24.83%, with a focus on developing new generation products [5] Financial Summary - In 2024, the company achieved a revenue of 2.02 billion yuan, with a year-on-year growth of 33.0%. The net profit attributable to the parent company was 126 million yuan, reflecting a year-on-year increase of 24.5% [6] - The projected net profits for 2025, 2026, and 2027 are 150 million yuan, 195 million yuan, and 232 million yuan respectively, with corresponding P/E ratios of 40.1, 30.9, and 25.9 [6][8] - The gross margin for 2024 was 27.7%, with a slight decline expected in the following years, while the net margin is projected to improve gradually from 6.2% in 2024 to 7.7% in 2027 [6][9]