微光股份(002801)：业绩符合预期 24Q4营收创新高

Core Viewpoint - The company reported a strong performance in 2024, with revenue and net profit showing significant year-on-year growth, indicating robust operational health and market expansion efforts. Group 1: Financial Performance - In 2024, the company achieved revenue of 1.41 billion yuan, up 11.1% year-on-year, and a net profit attributable to shareholders of 220 million yuan, up 82.2% year-on-year [1] - The fourth quarter of 2024 saw revenue reach 390 million yuan, a 24.4% increase year-on-year, with a net profit of -10 million yuan, marking a reduction in losses by 87 million yuan [1] - The company’s gross profit margin for 2024 was 32.3%, a decrease of 1.4 percentage points, while the net profit margin improved to 15.7%, an increase of 6.6 percentage points [2] Group 2: Market Expansion - The company focused on deepening its domestic market presence while expanding internationally, achieving overseas revenue of 770 million yuan, a 15.2% increase year-on-year, which accounted for 54.8% of total revenue [1] - Domestic revenue reached 640 million yuan, up 6.5% year-on-year, representing 45.2% of total revenue [1] Group 3: Business Segments - The refrigeration motor and fan segment generated revenue of 1.26 billion yuan, a 10.6% increase year-on-year, making up 89.2% of total revenue, with notable growth in external rotor fans and cold cabinet motors [3] - The servo motor segment achieved revenue of 110 million yuan, a 19.0% increase year-on-year, accounting for 7.6% of total revenue [3] Group 4: Product Development - The company is actively advancing the development and industrialization of high-efficiency, energy-saving, and intelligent new products, with successful launches in various applications including heat pumps and industrial automation [3] - Multiple new products have been developed and are expected to benefit from the growth in the humanoid robotics industry [3] Group 5: Future Outlook - The company forecasts net profits of 360 million yuan, 410 million yuan, and 480 million yuan for 2025 to 2027, with a projected compound annual growth rate of 29% [3] - A target price of 54.95 yuan has been set based on a 35X target PE for 2025, maintaining a "buy" rating [3]