Yiheda(SZ:301029) Xin Lang Cai Jing·2025-04-29 06:55Core Viewpoint - The company reported a decline in revenue and net profit for 2024, primarily due to a decrease in demand in the lithium battery and photovoltaic sectors, but showed signs of recovery in Q1 2025 with growth in the 3C sector [1][2]. Financial Performance - In 2024, the company achieved revenue of 2.504 billion yuan, a year-on-year decrease of 13.08%, and a net profit attributable to shareholders of 404 million yuan, down 25.87% [1][2]. - For Q1 2025, the company reported revenue of 620 million yuan, an increase of 14.75% year-on-year, and a net profit of 122 million yuan, up 26.48% [1][2]. Revenue Breakdown - In 2024, the 3C mobile phone sector accounted for 29% of revenue, growing by 22% year-on-year; the automotive sector represented 10%, increasing by 30%; the semiconductor sector made up 5%, with a 9% growth; and other sectors contributed 30%, up by 13% [2]. - The previously dominant lithium battery and photovoltaic sectors saw significant declines, with revenue contributions of 18.47% and 7.64%, respectively, down 48.03% and 54.70% year-on-year [2]. Profitability Metrics - The company's gross margin for 2024 was 35.26%, a decrease of 2.69 percentage points year-on-year, and the net margin was 16.15%, down 2.78 percentage points, primarily due to poor performance in the lithium battery and photovoltaic sectors [3]. - In Q1 2025, the gross margin improved to 38.1%, an increase of 3.07 percentage points year-on-year [3]. Strategic Direction - The company aims to build a new strategic framework focusing on "extreme product strength," which connects customer needs with enterprise capabilities, including technology research and development, supply chain resilience, and digital ecosystems [4]. Profit Forecast and Valuation - Due to intense competition in the lithium battery sector and lower-than-expected demand in photovoltaics, the company has adjusted its profit forecasts for 2025-2027, predicting net profits of 471 million, 617 million, and 775 million yuan, respectively [5]. - The company maintains a buy rating with a target price of 31.08 yuan, reflecting a high barrier to entry in its business model [5].