TARRY(300976) Tai Ping Yang·2025-01-22 04:33Investment Rating - The report maintains a "Buy" rating for the company, Darui Electronics (300976) [1][6][16] Core Views - The company has exceeded expectations for its annual performance, driven by order growth and improved profitability through cost optimization measures [1][4] - The forecast for 2024 indicates a significant increase in net profit, expected to be between 234 million to 289 million yuan, representing a year-on-year growth of 218.94% to 293.90% [4][6] - The company is positioned as a key supplier in the consumer electronics and new energy sectors, leveraging its established customer base and expanding into new markets [5] Financial Summary - The company is projected to achieve revenues of 2.398 billion, 2.908 billion, and 3.353 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 263 million, 378 million, and 483 million yuan [6][12] - The revenue growth rates are forecasted at 71.55% for 2024, 21.26% for 2025, and 15.31% for 2026 [6][13] - The company's earnings per share (EPS) is expected to rise from 0.78 yuan in 2023 to 5.06 yuan by 2026 [9][13] Market Position - Darui Electronics has established a strong foothold in the consumer electronics market, with notable clients including Apple, Sony, and Lenovo, and is expanding its presence in the new energy sector with partnerships with leading companies like CATL and BYD [5][6]