睿创微纳(688002)：逐步突破多维感知领域；低空和工业需求持续旺盛

Core Viewpoint - The company reported a revenue of 4.32 billion yuan for 2024, representing a year-over-year (YOY) increase of 21.3%, with a net profit attributable to shareholders of 570 million yuan, up 14.8% YOY, and a non-recurring net profit of 510 million yuan, up 16.9% YOY, meeting market expectations [1] Financial Performance - For 4Q24, the company achieved a revenue of 1.17 billion yuan, a YOY increase of 30.1%, marking a historical high for a single quarter; however, the net profit attributable to shareholders was 90 million yuan, down 21.4% YOY due to a 61.4% increase in asset impairment losses [1] - The gross margin for 2024 improved by 0.2 percentage points to 50.3%, while the net margin decreased by 1.6 percentage points to 10.2%, indicating overall stable profitability [1] Product Performance - The infrared thermal imaging business generated a revenue of 3.91 billion yuan, up 30.0% YOY, driven by strong demand in domestic low-altitude economy, industrial temperature measurement, and visual perception sectors; the gross margin increased by 1.16 percentage points to 53.7% [2] - The microwave radio frequency business reported a revenue of 290 million yuan, down 29.1% YOY, primarily due to declining demand from existing customers and price reductions on older products; the gross margin fell by 10.85 percentage points to 17.9% [2] Regional Performance - Domestic revenue reached 3.23 billion yuan, a YOY increase of 56.7%, with the infrared thermal imaging business showing strong demand, accounting for 75% of total revenue and a gross margin increase of 4.33 percentage points to 50.7% [2] - International revenue was 1.03 billion yuan, down 27.3% YOY, representing 24% of total revenue, with a gross margin decrease of 2.34 percentage points to 51.2%, affected by business adjustments and intensified market competition [2] Expense Management - The company's expense ratio decreased by 2.3 percentage points to 35.0% in 2024, with selling expenses down 1.0 percentage point to 5.0%, and management expenses down 2.1 percentage points to 8.9%; R&D expenses increased by 0.7 percentage points to 19.9% [3] - As of the end of 2024, accounts receivable and notes totaled 1.5 billion yuan, up 10.2% from the beginning of the year, with a bad debt loss of 110 million yuan recognized due to sanctions [3] - Inventory stood at 1.74 billion yuan, up 12.1% from the beginning of the year, with a significant portion in raw materials and self-made semi-finished products, leading to a provision for inventory impairment of 170 million yuan [3] Investment Outlook - The company has established a new pattern focusing on infrared business while gradually breaking through in microwave and laser multi-dimensional sensing fields, empowering various sectors including industrial manufacturing, emergency safety, smart vehicles, outdoor consumption, low-altitude economy, and satellite communication [4] - Projected net profits attributable to shareholders for 2025, 2026, and 2027 are estimated at 733 million yuan, 897 million yuan, and 1.092 billion yuan respectively, with current stock prices corresponding to price-to-earnings ratios of 34x, 28x, and 23x for those years [4]