晶丰明源：高性能计算电源完整方案量产-20250314

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a sales revenue of 1.504 billion yuan in 2024, representing a year-on-year growth of 15.38%. The net profit attributable to the parent company was -33 million yuan, but after excluding share-based payment expenses, the net profit was 9 million yuan [4][5] - The gross margin improved significantly to 37.12%, an increase of 11.45 percentage points year-on-year [5] - The high-performance computing product line has entered large-scale sales, with revenue from high-performance computing power chips reaching 43 million yuan, a year-on-year increase of 1,402.25% [6] - The motor control driver chip business saw revenue of 318 million yuan, with a subsidiary achieving a revenue increase of 69.32% [7] - The AC/DC power chip segment generated revenue of 273 million yuan, growing by 39.64% year-on-year, with significant contributions from home appliance applications [8] Financial Projections - The company is expected to achieve revenues of 1.942 billion yuan, 3.629 billion yuan, and 4.742 billion yuan in 2025, 2026, and 2027, respectively. The net profit attributable to the parent company is projected to be 82 million yuan, 133 million yuan, and 204 million yuan for the same years [10][12]