Azure(002245) 东吴证券·2025-01-22 23:35Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's Q4 performance exceeded market expectations, with a forecasted net profit attributable to shareholders of 420-500 million yuan for 2024, representing a year-on-year increase of 198%-255% [8] - The company is expected to achieve a doubling of shipments in 2024, with an estimated 440 million lithium batteries shipped, driven by the end of inventory adjustments from overseas clients and expansion into smart mobility sectors [8] - The LED business is showing strong profitability, with projected profits of 110 million yuan for 2024, significantly up from the previous year [8] - The BBU segment is being developed as a new growth avenue, with potential demand for BBU cells expected to grow from 300 million units in 2023 to 2 billion units by 2030 [8] - The profit forecasts for 2024-2026 have been revised upwards, with net profits expected to be 470 million, 650 million, and 800 million yuan respectively, reflecting a strong growth trajectory [8] Financial Summary - Total revenue for 2024 is projected at 6,955 million yuan, a year-on-year increase of 33.18% [1] - The net profit attributable to shareholders for 2024 is forecasted at 470.76 million yuan, a significant increase of 234.31% compared to 2023 [1] - The earnings per share (EPS) for 2024 is estimated at 0.41 yuan, with a price-to-earnings (P/E) ratio of 29.49 based on the latest diluted EPS [1] - The company's gross margin is expected to improve to 16.27% in 2024, up from 12.80% in 2023 [9]