Beijing Jingwei Hirain Technologies (688326) Minsheng Securities·2025-01-25 23:32Investment Rating - The report maintains a "Recommended" rating for the company, with a closing price of 85.10 CNY as of January 24, 2025 [4][7]. Core Views - The company is expected to continue experiencing revenue growth driven by its automotive electronics segment, despite forecasting a net loss for 2024 [2][4]. - The automotive electronics business is anticipated to see significant growth in 2025, with multiple new product launches and increased production volumes [3][4]. - The company is actively expanding its international market presence, securing contracts with various OEMs and enhancing its supply chain capabilities [4]. Summary by Sections Financial Performance - The company projects a net loss for 2024 between -580 million to -450 million CNY, with an increase in loss compared to the previous year [1][2]. - Revenue for 2024 is expected to reach 5.721 billion CNY, with a growth rate of 22.3% [6][11]. - The forecasted net profit for 2025 is 234 million CNY, with an EPS of 1.95 CNY [4][6]. Product Development - The company is set to launch several new automotive electronic products in 2025, including physical area controllers and smart driving electronics [3][4]. - The production of various products, such as Battery Management Systems (BMS) and 5G T-BOX, is expected to ramp up significantly in 2025 [3][4]. Market Expansion - The company is pursuing an international development strategy, having established a factory in Malaysia and securing contracts with major global OEMs [4][4]. - The company’s products are also being adapted to meet regulatory requirements for export to various countries, enhancing its global supply capabilities [4].