Sunlord(SZ:002138) Guoxin Securities·2025-03-04 01:14Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company achieved a record high in revenue for three consecutive quarters, with a revenue of 5.897 billion yuan in 2024, representing a year-on-year increase of 16.99% and a net profit of 832 million yuan, up 29.91% year-on-year [1] - The automotive business is entering a high growth phase, with revenue from automotive electronics or energy storage-specific business reaching 1.104 billion yuan in 2024, a year-on-year increase of 62.10% [2] - The company is actively expanding into new technologies, including data centers and humanoid robots, where magnetic components play a crucial role [3] Summary by Sections Financial Performance - In Q4 2024, the company achieved revenue of 1.702 billion yuan, a year-on-year increase of 24.72% and a quarter-on-quarter increase of 13.16%, with a net profit of 208 million yuan [1] - The gross margin for Q4 2024 was 34.49%, down 2.47 percentage points year-on-year and 3.44 percentage points quarter-on-quarter, primarily due to lower margins on ceramic products and changes in sales prices [1] - The company expects net profits for 2025-2027 to be 1.1 billion, 1.345 billion, and 1.621 billion yuan, respectively, with year-on-year growth rates of 32.2%, 22.3%, and 20.5% [3] Market Trends - The global smartphone market is recovering, with a projected 7% year-on-year growth in 2024, leading to an increase in the company's market share [2] - The demand for magnetic components in smartphones is increasing due to AI functionality upgrades, with high-end materials penetration rates continuing to rise [2] Valuation Metrics - The company’s projected P/E ratios for 2025, 2026, and 2027 are 21.8, 17.9, and 14.8, respectively [4] - The expected revenue growth rates for the next few years are 20.7% in 2025, 21.1% in 2026, and 20.8% in 2027 [4]