OLYMPIC(SH:603920) Xin Lang Cai Jing·2025-04-18 10:34Core Viewpoint - The company reported significant growth in revenue and profit for 2024 and Q1 2025, driven by increased business volume, higher product prices, and gains from foreign exchange and financial investments [1][2]. Financial Performance - For 2024, the company's revenue reached 5.022 billion yuan, representing an 11.13% year-on-year increase; net profit attributable to shareholders was 675 million yuan, up 36.17%, while the net profit after deducting non-recurring items was 656 million yuan, increasing by 34.15% [1][2]. - In Q1 2025, revenue was 1.217 billion yuan, a year-on-year growth of 11.33%; net profit attributable to shareholders was 180 million yuan, up 65.61%, and net profit after deducting non-recurring items was 171 million yuan, increasing by 57.26% [1][2]. Profitability - The company's gross margin for the full year 2024 was 23.09%, an increase of 1.77 percentage points year-on-year, driven by product structure optimization and a higher proportion of high-value-added products; the net profit margin was 12.70%, up 2.37 percentage points [2]. - In Q1 2025, the gross margin was 22.67%, an increase of 2.19 percentage points year-on-year; the net profit margin was 14.11%, up 4.67 percentage points [2]. Market Expansion - The company is leveraging both overseas and domestic markets for growth; in the overseas market, it is deepening existing customer relationships and expanding its client base with new products, successfully partnering with leading companies in low-altitude flight, energy, and robotics [3]. - Domestically, the company is focusing on three key development areas: new energy vehicles, low-altitude flying vehicles/unmanned aerial vehicles, and humanoid robots/artificial intelligence applications, while benefiting from the support of the state-owned Shunkong Group to enhance market penetration and customer structure [3]. Investment Outlook - The company is projected to have earnings per share (EPS) of 1.23 yuan and 1.53 yuan for 2025 and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 20 and 16 times [3].