LY iTECH(SZ:002600) Minsheng Securities·2024-07-28 06:00Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 6.59 yuan and projected PE ratios of 23, 14, and 11 for the years 2024, 2025, and 2026 respectively [2][3]. Core Insights - The company has launched an employee stock ownership plan to attract and retain talent, with a total holding size not exceeding 30.035 million shares, representing approximately 0.43% of the company's total share capital [2]. - The company is actively expanding its AI terminal hardware manufacturing platform, achieving significant revenue in AI terminal and communication-related businesses, with 2023 revenue reaching 30.687 billion yuan and a gross margin of 21.62% [2]. - The company is well-positioned in the cooling solutions market, covering the entire industry chain and developing new products in collaboration with clients [2]. - The company is exploring new opportunities in the AI hardware and renewable energy sectors, with expected revenue increases from automotive and photovoltaic storage businesses [2]. - The company's collaboration with Apple highlights its importance in the supply chain, as it provides numerous components for various Apple products [2]. Financial Summary - The company's projected revenue for 2024 is 40.469 billion yuan, reflecting an 18.6% growth rate, with net profit expected to be 2.038 billion yuan, a slight decrease of 0.6% [3][5]. - By 2025, revenue is expected to reach 51.464 billion yuan, with a growth rate of 27.2%, and net profit projected at 3.244 billion yuan, a significant increase of 59.2% [3][5]. - The company’s gross margin is expected to improve gradually, with projections of 20.33% in 2025 and 20.56% in 2026 [5].