晶丰明源：高性能计算电源完整方案量产-20250315

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 adjusted 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 power supply product line has entered mass production, with sales revenue reaching 43 million yuan in 2024, a staggering year-on-year increase of 1,402.25% [6] - The motor control driver chip segment generated revenue of 318 million yuan, with a notable year-on-year growth of 69.32% [7] - The AC/DC power chip segment saw sales revenue of 273 million yuan, up 39.64% year-on-year, with significant growth in household appliances [8] Financial Summary - The company is projected 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 expected to be 82 million yuan, 133 million yuan, and 204 million yuan for the same years [10][12] - The earnings per share (EPS) is forecasted to improve from -0.38 yuan in 2024 to 2.32 yuan in 2027 [12][15] - The company’s asset-liability ratio is projected to remain stable, around 38.7% in 2024, increasing slightly to 44.7% by 2027 [15]