Sunlord(002138) 开源证券·2025-03-05 07:40Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a record high revenue of 5.897 billion yuan in 2024, representing a year-on-year increase of 16.99%. The net profit attributable to shareholders was 832 million yuan, up 29.91% year-on-year [1] - The strong growth in automotive electronics and data center businesses contributed significantly to the revenue increase, alongside the expansion of new product lines in existing markets such as mobile communications and consumer electronics [1][2] - Despite a slight decline in gross margin in Q4 2024, the overall gross margin for the year improved, driven by strong performance in new business areas [1] Summary by Relevant Sections Financial Performance - In 2024, the company reported a revenue of 5.897 billion yuan, a 16.99% increase year-on-year, and a net profit of 832 million yuan, reflecting a 29.91% growth [1] - The gross margin for 2024 was 36.50%, an increase of 1.15 percentage points year-on-year, while the net profit margin was 16.12%, up 1.44 percentage points [1] - For Q4 2024, revenue reached 1.702 billion yuan, a year-on-year increase of 24.72%, with a net profit of 208 million yuan, up 27.54% year-on-year [1] Business Segments - The signal processing segment generated 2.270 billion yuan in revenue, a 10.12% increase year-on-year, while the power management segment saw revenue of 1.946 billion yuan, up 4.31% [2] - The automotive electronics segment experienced significant growth, with revenue of 1.104 billion yuan, marking a 62.10% increase year-on-year [2] - The company is actively expanding into emerging fields such as humanoid robotics, leveraging its existing product lines [3] Future Projections - The company expects net profits of 1.077 billion yuan in 2025, 1.308 billion yuan in 2026, and 1.626 billion yuan in 2027, with corresponding P/E ratios of 22.7, 18.7, and 15.0 [1][4] - Revenue projections for the next few years are 7.088 billion yuan in 2025, 8.495 billion yuan in 2026, and 10.286 billion yuan in 2027, with expected growth rates of 20.2%, 19.8%, and 21.1% respectively [4]