佳禾智能(300793)：业绩承压 AI眼镜卡位优异

Core Viewpoint - The company reported a decline in net profit for 2024, with a significant drop in both gross margin and net profit, while showing some revenue growth in Q1 2025, indicating ongoing operational pressures and challenges in the market [1][2]. Financial Performance Summary - In 2024, the company achieved revenue of 2.467 billion yuan, a year-on-year increase of 3.76%, but net profit attributable to shareholders was 41 million yuan, down 68.85%. The non-recurring net profit was 9 million yuan, down 92.07%, with a gross margin of 14.85%, a decrease of 3.33 percentage points [1]. - For Q1 2025, the company reported revenue of 487 million yuan, a year-on-year increase of 8.95%, with net profit attributable to shareholders at 16 million yuan, up 7.63%. However, the non-recurring net profit was only 1 million yuan, down 95.11%, and the gross margin was 13.37%, a decrease of 3.79 percentage points [1]. Factors Affecting Performance - Several factors contributed to the performance pressure in 2024: 1. Customer structure adjustments and product technology iterations led to a 3.33 percentage point decline in gross margin [1]. 2. Increased management expenses due to the operation of the Songshan Lake operation center and Jiangxi industrial park, with management office expenses rising by 13.2242 million yuan and functional department salary expenses increasing by 10.2493 million yuan [1]. 3. Issuance of convertible bonds resulted in accumulated interest expenses of 24.7962 million yuan and increased financial costs by 22.3335 million yuan [1]. 4. Adjustments in the ODM structure of major downstream clients and declines in the performance of associated companies led to an increase in inventory impairment and long-term equity investment impairment provisions totaling 31.5083 million yuan [1]. Future Outlook - The AI glasses segment is identified as a major growth point for the company, with successful mass production of smart audio glasses and AR glasses for well-known brands such as Anker, Tmall, Harman, and Yingmu Technology. The company is building experience in product development and manufacturing processes, enabling rapid market response and large-scale customized production capabilities [2]. - The AI glasses market presents significant growth potential, indicating a promising future for the company [2]. Investment Recommendation - Despite the current performance pressures, the company is well-positioned in the AI glasses market. Projections for net profit attributable to shareholders for 2025-2027 are 127 million yuan, 169 million yuan, and 272 million yuan, respectively, with corresponding EPS of 0.33, 0.44, and 0.71 yuan, leading to PE ratios of 46.62, 34.93, and 21.76 times. The recommendation is to maintain a "buy" rating [2].