Lontium(688486) 国金证券·2025-03-02 02:46Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][12]. Core Insights - The company achieved a record high in revenue and profit in 2024, with total revenue of 466 million RMB, representing a year-on-year growth of 44.21%, and a net profit attributable to the parent company of 144 million RMB, up 40.62% year-on-year [2][4]. - The company has significantly increased its R&D investment, reaching 100 million RMB in 2024, which is 21.45% of its revenue, focusing on new products in high-definition video bridging, automotive electronics, and high-speed transmission [3][4]. Summary by Sections Performance Review - In Q4 2024, the company reported revenue of 132 million RMB, a year-on-year increase of 31.04% and a quarter-on-quarter increase of 18.45%. The net profit for the same period was 50 million RMB, reflecting a year-on-year growth of 56.21% and a quarter-on-quarter growth of 58.16% [1][2]. Business Analysis - The company has successfully navigated industry challenges, including a downturn and increased competition, by enhancing its product mix and maintaining a high gross margin of 55.48%, which is an improvement of 1.48 percentage points from the previous year [2][3]. Product Development - The company is expanding its product lines, particularly in automotive electronics and high-speed transmission, with notable market share gains in automotive display systems and video transmission technologies [3][4]. Financial Forecast - Revenue projections for 2025 to 2027 are 668 million RMB, 940 million RMB, and 1.284 billion RMB, respectively, with net profits expected to be 222 million RMB, 287 million RMB, and 369 million RMB, respectively [4][7].