Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [6]. Core Views - The company is expected to achieve a significant increase in net profit for 2024, with estimates ranging from 130 million to 145 million yuan, representing a year-on-year growth of 144.07% to 172.24% [1]. - The company is actively expanding its product line in the automotive electronics sector, which is anticipated to drive revenue growth and enhance profitability [2]. - The self-developed IC business is experiencing high growth, with revenue expected to reach 249 million yuan in the first three quarters of 2024, reflecting a year-on-year increase of 33.18% [3]. - The company is exploring new markets, including AI and optical communication modules, contributing to incremental revenue [3]. Summary by Sections Performance Forecast - The company has adjusted its net profit forecasts for 2024 and 2025 to 141 million yuan and 214 million yuan, respectively, with a new forecast for 2026 set at 302 million yuan [4]. - The projected revenue for 2024 is 3.237 billion yuan, with a growth rate of 31.06% [5]. Financial Metrics - The company's revenue for 2024 is expected to be 3.237 billion yuan, with a net profit margin of approximately 4.4% [5][12]. - The earnings per share (EPS) for 2024 is projected to be 1.34 yuan, with a return on equity (ROE) of 11.52% [5][12]. Market Position - The company has successfully integrated the acquisition of Weiyali, which is expected to enhance its distribution capabilities and market presence [4]. - The distribution business has shown a revenue increase of 37.78% year-on-year, reaching 2.011 billion yuan in the first three quarters of 2024 [2].
雅创电子：跟踪报告之四：24年业绩高增，持续拓宽产品线注入增长动能