POCO(SZ:300811) Xin Lang Cai Jing·2025-05-04 08:50Core Insights - The company achieved a revenue of 1.663 billion yuan in 2024, representing a year-on-year increase of 43.54%, and a net profit of 376 million yuan, up 46.90% year-on-year [1] - The company plans to distribute a cash dividend of 2.00 yuan per 10 shares, resulting in a dividend yield of 0.47% [1] Financial Performance - In Q1 2025, the company reported a revenue of 383 million yuan, a year-on-year increase of 14.40% and a quarter-on-quarter increase of 12.11% [1] - The net profit for Q1 2025 was 73.76 million yuan, reflecting a year-on-year increase of 3.13% but a quarter-on-quarter decrease of 17.34% [1] - The company's gross margin and net margin for 2024 were 40.70% and 22.48%, respectively, both showing year-on-year improvements [2] - For Q1 2025, the gross margin and net margin were 37.68% and 19.16%, respectively, indicating a quarter-on-quarter decline primarily due to changes in product structure [2] Business Growth - The company experienced high-quality growth in its three main business segments: magnetic powder cores, chip inductors, and soft magnetic powder, driven by strong demand in AI, photovoltaics, and new energy vehicles [2] - Revenue from metal soft magnetic powder cores reached 1.234 billion yuan, a year-on-year increase of 20.2%, solidifying the company's market leadership [2] - Chip inductors generated sales of 386 million yuan, a significant year-on-year increase of 275.76%, indicating strong growth potential [2] - Revenue from metal soft magnetic powder was 399.4 million yuan, up 47.31% year-on-year, driven by demand from emerging applications [2] Project Development - The company announced plans to invest up to 100 million yuan to establish a high-end metal soft magnetic materials and magnetic components production base in Thailand [3] - A new project for high-end integrated inductors is planned with an investment of 454 million yuan, aimed at addressing capacity bottlenecks [3] - The company is also expanding its production capacity with a new modern powder production base expected to reach an annual capacity of 6,000 tons by 2025 [3] Investment Outlook - The company's core business in magnetic powder cores is positioned to benefit from the new energy sector and is extending its reach into the upstream chip inductor segment [4] - Revenue projections for 2025-2027 are 2.08 billion yuan, 2.54 billion yuan, and 3.05 billion yuan, with expected year-on-year growth rates of 25.1%, 21.9%, and 20.5% respectively [4] - Net profit forecasts for the same period are 451 million yuan, 558 million yuan, and 684 million yuan, with growth rates of 20.1%, 23.7%, and 22.6% respectively [4]