CFMEE(SH:688630) Xin Lang Cai Jing·2025-04-29 02:40Core Viewpoint - The company reported a revenue of 954 million yuan for 2024, representing a year-over-year increase of 15%, while the net profit attributable to shareholders was 161 million yuan, down 10% year-over-year, aligning with previous forecasts and market expectations [1] Financial Performance - In Q1 2025, the company achieved a revenue of 242 million yuan, up 22% year-over-year and 3% quarter-over-quarter, with a net profit of 52 million yuan, reflecting a year-over-year increase of 52% and a quarter-over-quarter increase of 30% [1] - The gross margin for 2024 was 37.0%, down 5.6 percentage points year-over-year, primarily due to a decline in Q4 2024 gross margin to 24.8% [3] - In Q1 2025, the gross margin rebounded to 41.3%, indicating a return to normal levels [3] Revenue Breakdown - For 2024, revenue from PCB series was 782 million yuan, up 33% year-over-year, with sales of 378 units, a 35% increase year-over-year, and an average price of 2.07 million yuan per unit [2] - The revenue from the semiconductor series was 110 million yuan, down 42% year-over-year, with sales of 27 units, a 50% decrease year-over-year, and an average price of 4.07 million yuan per unit, which increased by 17% [2] Strategic Developments - The company is experiencing growth in high-end PCB demand driven by AI servers and smart driving sectors, which is expected to continue into Q1 2025 [2] - Domestic sales for 2024 were 760 million yuan, remaining stable year-over-year, while overseas sales reached 188 million yuan, up 212% year-over-year, reflecting the company's successful overseas expansion strategy [2] Cost Management - The company effectively managed expenses, with sales, management, and R&D expenses decreasing by 12%, increasing by 43%, and 3% respectively, totaling 49.18 million, 48.88 million, and 97.70 million yuan [3] - The construction in progress increased from 48.90 million yuan to 87.53 million yuan, indicating new investments in the second phase of projects [3] Profit Forecast and Valuation - The company maintains its profit forecast, expecting revenues to grow by 47.2% and 9.1% in 2025 and 2026, reaching 1.404 billion and 1.532 billion yuan respectively [4] - The current stock price corresponds to a P/E ratio of 35.5x and 30.7x for 2025 and 2026, with a target price increase of 16% to 80 yuan, indicating a 10% upside potential [4]