Sunlord(002138) 华泰证券·2025-03-03 16:10Investment Rating - The report maintains a "Buy" rating for the company with a target price of 40.20 RMB [7][4]. Core Views - The company achieved a record high revenue in Q4, with a single-quarter revenue of 1.702 billion RMB, representing a year-on-year increase of 24.72% and a quarter-on-quarter increase of 13.16% [1]. - The company is expected to benefit from growth in AI and automotive electronics, with significant growth opportunities in emerging markets such as AI, smart driving, and robotics [3][1]. - The company has expanded its product lines and improved market share, particularly in the automotive electronics and data center sectors, leading to a notable increase in gross margin [1][2]. Financial Performance - For 2024, the company reported a revenue of 5.897 billion RMB, a year-on-year increase of 16.99%, and a net profit of 832 million RMB, up 29.91% year-on-year [1][6]. - The company forecasts revenues of 7.154 billion RMB, 8.656 billion RMB, and 10.642 billion RMB for 2025, 2026, and 2027 respectively, with corresponding net profits of 1.079 billion RMB, 1.307 billion RMB, and 1.645 billion RMB [4][6]. - The EPS is projected to be 1.34 RMB, 1.62 RMB, and 2.04 RMB for 2025, 2026, and 2027 respectively [4][6]. Business Segments - The revenue from automotive electronics and energy storage is expected to grow by 62.1% in 2024, driven by the introduction of new products and increased market share among leading customers in the domestic new energy vehicle sector [2]. - Signal processing revenue is projected to be 2.27 billion RMB in 2024, with a year-on-year growth of 10.12%, while power management revenue is expected to reach 1.95 billion RMB, growing by 4.31% [2]. - The company has achieved significant growth in its ceramic, PCB, and other business segments, with a revenue increase of 33.35% year-on-year, reaching 580 million RMB [2].