Sunlord(002138) 国信证券·2025-03-04 02:05Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company achieved record-high 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 emerging fields such as data centers and humanoid robots, where magnetic components play a crucial role [3] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 58.97 billion yuan, with a net profit of 8.32 billion yuan, and a gross margin of 34.49% in Q4 2024 [1] - The company expects net profits of 1.1 billion yuan, 1.345 billion yuan, and 1.621 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 32.2%, 22.3%, and 20.5% [3][4] Revenue Growth - The company's signal processing products generated revenue of 2.27 billion yuan in 2024, reflecting a year-on-year growth of 10.12% [2] - The overall revenue growth forecast for the company is 17.0% in 2024, 20.7% in 2025, and 21.1% in 2026 [4] Market Position - The company has established itself as a key player in the global automotive electronics market, collaborating with top automotive supply chain manufacturers [2] - The company maintains a strong market share in the smartphone sector, benefiting from the recovery in global smartphone demand [2]