USISH(SH:601231) Xin Lang Cai Jing·2025-05-07 08:34Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 13.65 billion yuan, a year-on-year increase of 1.2% [1] - The net profit attributable to shareholders was approximately 330 million yuan, remaining stable compared to the same period last year [1] - The gross margin was about 9.4%, and the net margin was 2.4%, showing relative stability compared to the previous year [1] Group 2: Business Segment Performance - Revenue from the communications segment declined by 3.2% due to market competition and changes in customer products [1] - The consumer electronics segment saw a revenue increase of 16.3% due to pre-orders ahead of U.S. tariffs [1] - The automotive electronics segment experienced a revenue decline of 15.4%, while the industrial segment showed a recovery with a 3.5% increase [1] Group 3: Growth Opportunities - The demand for SiP in AI terminal applications is increasing, with smart glasses expected to open new growth opportunities [2] - The company has successfully partnered with leading smart glasses manufacturers, anticipating bulk shipments of Wi-Fi modules in 2025 [2] - The company is expanding its cloud storage business, with AI accelerator cards expected to start bulk shipments in 2024 [2] Group 4: Profit Forecast and Investment Recommendation - The projected net profits for 2025, 2026, and 2027 are 1.89 billion, 2.51 billion, and 3.25 billion yuan, respectively [3] - Given the company's leading technology in the SiP field and the growth potential in cloud storage, a target price of 17.2 yuan is set with a "buy" rating [3]