国力股份（688103）：业务符合预告，静待下游开花

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company's performance aligns with previous forecasts, and there is anticipation for growth in downstream sectors [7] - The company reported a revenue of 797 million yuan for 2024, reflecting a year-on-year increase of 15.10%, while the net profit attributable to shareholders was 33 million yuan, down 49.19% year-on-year [7] - The company expects growth in its new energy, defense, and semiconductor businesses in 2025, with significant deliveries planned for modular lightweight distribution devices to well-known foreign automotive manufacturers [7] Financial Performance Summary - Revenue Forecasts: - 2022: 700 million yuan - 2023: 692 million yuan - 2024: 797 million yuan - 2025: 1,370 million yuan - 2026: 1,699 million yuan - Revenue growth rates: 37.53% (2022), -1.12% (2023), 15.10% (2024), 71.97% (2025), 24.03% (2026) [4][9] - Net Profit Forecasts: - 2022: 85 million yuan - 2023: 64 million yuan - 2024: 33 million yuan - 2025: 129 million yuan - 2026: 208 million yuan - Net profit growth rates: 17.01% (2022), -24.85% (2023), -49.19% (2024), 295.02% (2025), 61.36% (2026) [4][9] - Earnings Per Share (EPS): - 2022: 0.90 yuan - 2023: 0.67 yuan - 2024: 0.34 yuan - 2025: 1.35 yuan - 2026: 2.18 yuan [4][9] - Price-to-Earnings (PE) Ratios: - 2022: 71.49 - 2023: 73.70 - 2024: 151.25 - 2025: 38.29 - 2026: 23.73 [4][9] - Return on Equity (ROE): - 2022: 8.34% - 2023: 5.70% - 2024: 2.90% - 2025: 10.66% - 2026: 15.46% [4][9]