Sunlord(002138) 中邮证券·2025-03-04 05:16Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][7]. Core Insights - The company focuses on a major client strategy and is actively exploring emerging markets, holding the largest market share in chip inductors domestically and ranking among the top three globally. It has delivered over 100 billion inductors annually, establishing itself as a leading international player in passive electronic components and technology solutions [5][6]. - The company has seen a continuous increase in capacity utilization and has implemented cost reduction and efficiency improvement measures. In 2024, it is projected to achieve revenue of 5.897 billion yuan, a year-on-year increase of 16.99%, and a net profit attributable to shareholders of 832 million yuan, up 29.91% year-on-year [5][10]. - The company has diversified its product lines and is experiencing strong growth in emerging strategic markets, with significant advancements in automotive electronics, data centers, and humanoid robotics. Its products are recognized by major industry clients, and it is well-positioned for continued growth in these sectors [6][10]. Financial Performance and Forecast - The company is expected to achieve revenues of 7.199 billion yuan in 2025 and 8.587 billion yuan in 2026, with net profits projected at 1.081 billion yuan and 1.354 billion yuan respectively. The growth rates for revenue and net profit are anticipated to be 22.08% and 29.96% for 2025, and 19.29% and 25.21% for 2026 [7][10]. - The report highlights a projected gross margin of 36.5% for 2024, with an expected increase to 37.2% in 2025 and 37.6% in 2026, indicating a positive trend in profitability [10][13].