3PEAK(SH:688536) Xin Lang Cai Jing·2025-08-01 10:27Group 1: Company Performance - The company experienced a significant increase in revenue from the automotive electronics sector, with a year-on-year growth of 80%, reaching 207 million yuan, accounting for 16.95% of total revenue in 2024 [1] - The acquisition of Chuangxinwei has enhanced the company's product and market layout in the consumer electronics sector, leading to rapid growth in sales and revenue as consumer electronic terminal shipments gradually recover [1][2] - Chuangxinwei's revenue for 2024 increased by 23.01% year-on-year, with a net profit growth of 165.46% after excluding share-based payment expenses [2] Group 2: Market Trends and Opportunities - The wireless communication market is showing signs of marginal recovery in customer demand starting from the second half of 2024 after a prolonged inventory destocking period [1] - The company plans to continue enhancing its market share and introducing new products in the diversified applications within the industrial sector [1] - The collaboration with Chuangxinwei is expected to create synergies in the industrial and automotive markets, leveraging Chuangxinwei's expertise in BMS technology and product development [2] Group 3: Financial Projections - Revenue projections for the company from 2025 to 2027 are estimated at 2.035 billion, 2.756 billion, and 3.631 billion yuan, with year-on-year growth rates of 67%, 35%, and 32% respectively [3] - The company is expected to turn profitable with net profits of 115 million, 256 million, and 458 million yuan for the same period, reflecting significant growth rates of +123% and +79% in 2026 and 2027 [3] - The company has been assigned a "buy" rating based on its strong revenue growth, cost control, and the potential for profit elasticity amid the recovery in industrial sectors and the acceleration of domestic chip substitution [3]