Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved rapid growth in its performance, with a significant increase in revenue and net profit in both 2024 and Q1 2025, indicating strong operational momentum [4][5] - The company is recognized as a leading player in the domestic smart module market, with positive prospects in AIOT, 5G, and smart automotive sectors [4][5] - The financial forecasts for 2025-2027 have been slightly adjusted upwards, with expected net profits of 190 million, 258 million, and 350 million respectively, reflecting a robust growth trajectory [4][7] Financial Performance Summary - In 2024, the company achieved a revenue of 2.941 billion, a year-on-year increase of 36.98%, and a net profit of 136 million, up 110.16% [4] - For Q1 2025, revenue reached 997 million, growing 73.57% year-on-year, with a net profit of 46 million, a staggering increase of 616.02% [4] - The company’s revenue from domestic and overseas markets was 2.138 billion and 803 million respectively in 2024, with year-on-year growth of 43.39% and 22.40% [5] Business Growth Drivers - The company is experiencing growth across its three main business segments: smart connected vehicles, IoT, and FWA, with successful advancements in overseas markets [5] - The high-performance AI module products are gaining traction, with capabilities ranging from 0.2T to 48T heterogeneous computing power, supporting large model deployments [6] - The company has maintained a leading position in the smart cockpit module market, with significant shipments and partnerships with major automotive manufacturers [6] Financial Metrics and Valuation - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.73, 0.99, and 1.34 respectively, with corresponding price-to-earnings (P/E) ratios of 66.4, 48.8, and 36.0 [7] - The overall gross margin and net margin for 2024 are projected at 17.03% and 4.57%, showing improvements in profitability [5][7] - The company’s total market capitalization is approximately 12.611 billion, with a circulating market value of 8.722 billion [1]

证券代码：002881 证券简称：美格智能 公告编号：2025-036 美格智能技术股份有限公司 关于股份回购进展的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 美格智能技术股份有限公司（以下简称"公司"）于2024年11月1日召开了 第四届董事会第四次会议，于2024年11月14日召开了2024年第四次临时股东大会, 审议通过了《关于回购公司股份方案的议案》，同意公司使用自有资金或专项贷 款资金，以集中竞价交易方式回购公司部分A股社会公众股，用于注销并减少公 司注册资本。本次回购金额不低于人民币3,000万元（含），且不超过人民币6,000 万元（含），回购价格不超过35.15元/股（含），具体回购股份数量以回购期满 时实际回购的股份数量为准。回购股份的实施期限自公司股东大会审议通过回购 股份方案之日起不超过12个月。具体内容详见公司分别于2024年11月5日、2024 年 11 月 15 日 、 2024 年 11 月 20 日 刊登在 《 证 券 时 报 》 及 巨 潮 资 讯 网 （www.cninfo.com.cn）上的《关于回购公司股份方案 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [7]. Core Views - The company has entered a high growth phase, driven by the recovery in the IoT sector and ongoing investments in edge AI, indicating a promising future growth trajectory [1]. - The company reported a significant increase in revenue and net profit for 2024, achieving an operating income of 2.94 billion yuan (YoY +36.98%) and a net profit of 136 million yuan (YoY +110.16%) [1]. - In Q1 2025, the company continued its strong growth, with revenue reaching 999 million yuan (YoY +73.57%) and net profit soaring to 46.3 million yuan (YoY +616.02%) [2]. Financial Performance - The company achieved a gross margin of 17.03% for FY24 and 14.54% for Q1 2025, with net margins improving to 4.57% and 4.64% respectively [3]. - The company has effectively managed expenses, leading to improved profitability metrics [3]. Business Expansion - The company has expanded its applications across various sectors, including drones, AR glasses, and robotics, showcasing its capabilities in edge AI [4][5]. - The company is collaborating with major players like Qualcomm to develop high-performance AI modules for various applications, indicating a strong position in the market [4][5]. Market Trends - The push for smart driving solutions by companies like BYD is expected to enhance the penetration of 5G smart modules, which could benefit the company [6]. Financial Projections - The company is projected to achieve a net profit of 249 million yuan in 2025, with estimates of 353 million yuan in 2026 and 470 million yuan in 2027, reflecting a robust growth outlook [7][12].

丨证券研究报告丨 公司研究丨点评报告丨美格智能（002881.SZ） [Table_Title] 智能模组批量出货，智能汽车增长明显 报告要点 [Table_Summary] 行业层面，DeepSeek 通过算法与工程创新实现了提质降本，大幅降低了模型推理成本。 DeepSeek-R1 大幅降低算力侧训练成本，大模型价格再下降，意味着 AI 产业链价值分配或将 发生变化，下游 AI 应用或将在产业链价值分配中获得更大的蛋糕模组受益于 AI 终端放量，且 从 4G->5G->智能模组逐渐升级，价值量亦有提升。公司层面，美格智能在国内深化智能网联 车和 FWA 解决方案布局的同时，海外聚焦 5G-A 模组和 Redcap 产品线，通过运营商定制化 策略切入北美/欧洲高端市场。 分析师及联系人 [Table_Author] 于海宁 祖圣腾 SAC：S0490517110002 SAC：S0490523030001 SFC：BUX641 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 美格智能（002881.SZ） cjzqdt11111 [Table_Title2] ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [4][7]. Core Insights - The company achieved record-high performance in 2024, with revenue reaching 2.9 billion yuan, a year-on-year increase of 37%, and a net profit attributable to shareholders of 140 million yuan, up 110% year-on-year [1]. - The growth was driven by strong performance across three main application sectors: intelligent connected vehicles, IoT, and FWA, with the intelligent connected vehicle sector showing particularly high growth [1]. - The company is focusing on R&D investments, particularly in high-performance modules that cater to AI applications, positioning itself to capitalize on the growing demand in the AI industry [3]. Financial Performance - The overall gross margin for 2024 was 17%, a decrease of 2.1 percentage points from the previous year, influenced by product mix changes and currency fluctuations [2]. - The company improved its cost control, reducing the ratio of operating expenses to revenue from 16.3% to 12.3% [2]. - Revenue projections for 2025-2027 are estimated at 4.2 billion, 5.5 billion, and 7.2 billion yuan respectively, with net profits expected to reach 220 million, 359 million, and 489 million yuan [4][6]. Market Position and Growth Potential - The company is recognized as a core player in AI edge modules, with significant growth potential due to its R&D advantages and early market entry in intelligent modules [4]. - The report highlights the company's strategic positioning in the intelligent vehicle sector, which is expected to drive substantial future growth [4].

Core Insights - The social security fund, managing 8 trillion yuan of national pension funds, is aggressively acquiring high-quality assets in the A-share market, which has a total market value of 100 trillion yuan [1][5] - A notable state-owned enterprise has seen its shares significantly increased by the social security fund, with a holding of 25.23 million shares and a remarkable growth of 4543% in its first-quarter report [3][4] Investment Trends - The first quarter is a critical period for institutional investors to position themselves for the year, and the investment moves of the social security fund often attract attention in the A-share market, potentially leading to unexpected returns [4] - In Q1 2023, the social security fund increased its holdings in a leading consumer software company by 2.8 million shares, resulting in a stock price surge of 460% [4] - In Q1 2024, the fund acquired 1.52 million shares of a leading CPO industry company, which subsequently saw its stock price double [4] Performance of Selected Companies - **Meige Intelligent**: Q1 expected growth of 611.31%, with the social security fund purchasing 22.59 million yuan worth of shares. The company specializes in wireless communication and has established partnerships with major enterprises [8] - **Haopeng Technology**: Q1 expected growth of 925.59%, with the fund buying 126 million yuan worth of shares. The company focuses on secondary battery technology and has a strong customer base [9] - **Chengdian International**: Q1 expected growth of 1327.65%, with the fund acquiring 22.44 million yuan worth of shares. The company operates in the public utility sector with a monopoly advantage [10] - **Limin Co., Ltd.**: Q1 expected growth of 1395.38%, with the fund purchasing 54.85 million yuan worth of shares. The company is a leading pesticide manufacturer with a strong market presence [11] - **Sichuan Shuangma**: Q1 expected growth of 1276.50%, with the fund buying 150 million yuan worth of shares. The company has successfully transitioned from traditional cement to private equity investment management [12] - **Leading ICT Infrastructure Company**: Q1 expected growth of 4726.52%, with the fund acquiring 25.24 million yuan worth of shares. The company is a key supplier for major internet firms and has seen foreign and insurance capital investments [13]

Investment Rating - The report maintains a rating of "Buy" for the company [8] Core Views - The company achieved a record high revenue of 2.941 billion RMB in 2024, representing a year-on-year growth of 37%, with a net profit attributable to shareholders of 136 million RMB, up 110% year-on-year [1][2] - In Q1 2025, the company reported revenue of 999.7 million RMB, marking a historical high for a single quarter, with a year-on-year increase of 74% and a net profit of 46 million RMB, reflecting a significant growth of 616% year-on-year [1][2] - The report expresses optimism about the company's growth opportunities in FWA, automotive, and edge AI sectors, leading to the maintained "Buy" rating [1][5] Revenue and Profitability - In 2024, the company's revenue from wireless communication modules and solutions was 2.808 billion RMB, a 37% increase year-on-year, with domestic revenue reaching 2.138 billion RMB, up 43% year-on-year [2] - The overall gross margin for 2024 was 17%, down 2 percentage points year-on-year, while Q1 2025 gross margin was 15%, down 1 percentage point year-on-year, attributed to changes in revenue structure [3] Market Demand and Future Outlook - The report anticipates a continued recovery in market demand, particularly in FWA and automotive sectors, which is expected to drive rapid growth in the company's performance [4] - The company is actively expanding its presence in smart modules and computing modules, with significant investments in 5G smart cockpit modules and high-performance AI modules [4] Financial Forecasts - The report revises upward the net profit forecasts for 2025 and 2026 to 181 million RMB and 229 million RMB respectively, with a target price set at 51.93 RMB, reflecting a price-to-earnings ratio of 75x for 2025 [5][7]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 51.93 RMB [8][5]. Core Insights - The company achieved record high revenue in Q1 2025, with revenue of 9.97 billion RMB, a year-on-year increase of 74%, and a net profit of 0.46 billion RMB, reflecting a significant growth of 616% year-on-year [1]. - The company is well-positioned to capitalize on growth opportunities in FWA, automotive, and edge AI sectors, leading to an optimistic outlook for future performance [1][4]. - The company has effectively controlled costs, with a decrease in expense ratios across sales, management, and R&D, indicating a focus on cost efficiency and scale effects [3]. Revenue and Profitability - In 2024, the company's total revenue reached 29.41 billion RMB, a 37% increase year-on-year, with a net profit of 1.36 billion RMB, up 110% year-on-year [1][2]. - The revenue from wireless communication modules and solutions was 28.08 billion RMB in 2024, also reflecting a 37% year-on-year growth, driven by demand in the smart connected vehicle sector [2]. - The overall gross margin for 2024 was 17%, down 2 percentage points year-on-year, while Q1 2025 saw a gross margin of 15%, down 1 percentage point year-on-year [3]. Market Demand and Future Outlook - The report anticipates a continued recovery in market demand, particularly in FWA and automotive sectors, which is expected to drive rapid growth in the company's performance [4]. - The company is actively expanding its presence in high-performance AI modules and smart modules, with significant investments in 5G smart cockpit modules and V2X modules [4]. - The edge computing applications are expected to open new growth avenues for the company's computing module business [4]. Financial Projections - The company’s projected net profits for 2025, 2026, and 2027 are 1.81 billion RMB, 2.29 billion RMB, and 2.83 billion RMB respectively, reflecting an upward revision of 22% and 25% for 2025 and 2026 [5]. - The expected revenue growth rates for the upcoming years are 31.70% for 2025 and 20.82% for 2026 [7]. - The company’s PE ratio is projected to be 75x for 2025, with a target price adjustment from 31.27 RMB to 51.93 RMB [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [6][13]. Core Insights - The company achieved significant revenue growth in 2024, with total revenue reaching 2.941 billion RMB, a year-on-year increase of 36.98%. The net profit attributable to shareholders was 136 million RMB, up 110.64% year-on-year [3]. - In Q1 2025, the company reported revenue of 999.7 million RMB, reflecting a 73.57% year-on-year growth, and a net profit of 46 million RMB, which is a staggering increase of 616.02% compared to the same period last year [3]. - The company's strategy of dual-driven development through modules and solutions has led to a balanced growth across various sectors, including smart vehicles and AI+IoT applications, contributing to a net profit margin of 4.57% in 2024, an increase of 1.65 percentage points year-on-year [4]. Revenue and Profit Forecast - The company is projected to achieve revenues of 3.958 billion RMB, 4.939 billion RMB, and 5.926 billion RMB for the years 2025, 2026, and 2027, respectively. Corresponding net profits are expected to be 206 million RMB, 287 million RMB, and 359 million RMB, with price-to-earnings ratios of 58, 41, and 33 times [6][11].

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant price appreciation in the next 6-12 months [6][13]. Core Insights - The company achieved substantial revenue growth of 36.98% year-on-year in 2024, reaching RMB 2.941 billion, and a remarkable net profit increase of 110.64%, totaling RMB 136 million [3][4]. - In Q1 2025, the company reported a revenue of RMB 999 million, reflecting a 73.57% year-on-year growth, with a net profit of RMB 46 million, up 616.02% [3]. - The company's strategy focuses on a dual approach of modules and solutions, with increased investments in high-performance AI modules and applications, driving growth across various sectors including smart vehicles and AI+IoT [4][5]. Summary by Sections Financial Performance - In 2024, the company achieved a net profit margin of 4.57%, an increase of 1.65 percentage points year-on-year [4]. - Revenue projections for 2025-2027 are estimated at RMB 3.958 billion, RMB 4.939 billion, and RMB 5.926 billion respectively, with corresponding net profits of RMB 206 million, RMB 287 million, and RMB 359 million [6][11]. Business Strategy - The company is deepening its focus on intelligent module technology, enhancing its capabilities in 4G/5G wireless communication and edge AI applications, which are gaining industry recognition [5]. - The smart connected vehicle segment is experiencing rapid growth, with significant shipments of 5G smart cockpit modules and automotive-grade communication modules [4]. Market Position - The IoT sector is benefiting from both domestic and international demand for AI applications, maintaining stable revenue contributions [4]. - The overall revenue from the Fixed Wireless Access (FWA) sector is slightly expanding, although its revenue share is on a downward trend [4].