Sunlord(002138) 华安证券·2025-03-06 13:20Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Viewpoints - The company reported a record high quarterly revenue of RMB 17.02 billion in Q4 2024, achieving a total annual revenue of RMB 58.97 billion, which represents a year-on-year growth of 16.99%. The net profit attributable to shareholders was RMB 8.32 billion, up 29.91% year-on-year [4][10] - The company continues to invest in R&D, with expenses increasing by 31.52% year-on-year, which supports its competitive advantage in the automotive electronics and energy storage sectors [6] - The company has a diverse product application range, focusing on miniaturization and integration in consumer electronics, and is well-positioned to benefit from the growth in AI applications [6][8] Financial Performance Summary - In 2024, the company achieved a gross profit of RMB 21.52 billion, with a gross margin of 36.50%, an increase of 1.15% year-on-year. The decline in gross margin in Q4 was attributed to changes in sales structure and performance bonuses [5] - The company expects net profits for 2025, 2026, and 2027 to be RMB 10.49 billion, RMB 12.74 billion, and RMB 16.11 billion respectively, with corresponding P/E ratios of 23.82, 19.60, and 15.51 [10][12] - Key financial metrics for 2024 include a return on equity (ROE) of 13.69%, an increase of 2.47% year-on-year, and a projected gross margin improvement to 38.0% by 2026 [12]