鸿远电子(603267)：瓷介电容器需求回暖 持续研发投入布局新业务

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, primarily due to weak demand in the electronic components industry, particularly for high-reliability ceramic capacitors [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 1.492 billion yuan, a year-on-year decrease of 10.98% - The net profit attributable to shareholders was 154 million yuan, down 43.55% year-on-year - The expected net profit after deducting non-recurring gains and losses is 102 million yuan, also a decrease of 43.55% year-on-year [1]. Industry Demand and Pricing - The demand for ceramic capacitors in 2024 was sluggish, leading to price declines and short-term pressure on profits - The decrease in revenue was attributed to slow recovery in the downstream market, resulting in reduced sales and prices for core products [2]. Production Capacity and Market Outlook - In Q1 2025, there was a noticeable recovery in customer demand, with increased orders and improved market expectations - The company’s multilayer ceramic capacitors (MLCC) are among the fastest-growing components, with applications in high-reliability fields such as aerospace and electronics, ranking in the top 10 globally [3]. Research and Development - The company invested 112.99 million yuan in R&D in 2024, accounting for 15.23% of self-operated business revenue, an increase of 3.59 percentage points year-on-year - New business expansions include microcontrollers and integrated circuits in Chengdu, achieving revenue of 85.47 million yuan, a year-on-year increase of 56.11% [4]. Profit Forecast - Revenue projections for 2025-2027 are 2.168 billion, 2.821 billion, and 3.332 billion yuan, respectively - Earnings per share (EPS) are forecasted to be 1.52, 2.08, and 2.63 yuan, with corresponding price-to-earnings (PE) ratios of 38, 27, and 22 times - The company is expected to benefit from recovering downstream demand and sustained high capacity utilization [5].