Focus Tech.(002315) 华龙证券·2025-03-03 05:07Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [2] Core Views - The company has shown steady growth in its main business of cross-border e-commerce, with significant innovation and upgrades in AI applications [5] - In 2024, the company achieved operating revenue of 1.661 billion yuan, a year-on-year increase of 9.31%, and a net profit attributable to shareholders of 451 million yuan, up 19.09% year-on-year [3][5] - The AI business has demonstrated remarkable growth, with a revenue increase of 287.20% year-on-year [5] Financial Performance Summary - For 2024, the company reported revenues from various segments: - China Manufacturing Network: 1.356 billion yuan (up 8.78%) - New Insurance Business: 116 million yuan (up 2.12%) - Cross-border Business: 92 million yuan (up 6.70%) - Agency Business: 43 million yuan (down 4.87%) - AI Business: 24 million yuan (up 287.20%) - Other: 29 million yuan (up 36.32%) [5] - The company’s gross margin and net margin improved, with gross margin at 80.29% and net margin at 27.38%, reflecting an increase of 0.84 percentage points and 2.21 percentage points year-on-year, respectively [5] - The company’s operating income for Q4 2024 was 455 million yuan, a year-on-year increase of 13.62%, with a net profit of 93 million yuan, up 15.12% [3][5] Future Earnings Forecast - The company is expected to achieve operating revenues of 1.928 billion yuan, 2.170 billion yuan, and 2.431 billion yuan for 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 16.08%, 12.54%, and 12.05% [6] - The net profit attributable to shareholders is projected to be 548 million yuan, 652 million yuan, and 753 million yuan for the same years, with growth rates of 21.43%, 18.91%, and 15.57% [6][7] Valuation Metrics - The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are estimated to be 26.4X, 22.2X, and 19.2X, respectively [6][7] - The company’s return on equity (ROE) is forecasted to be 18.96% in 2025, increasing to 19.34% in 2026 [7]