Avary Holding(SZ:002938) CMS·2025-03-13 00:32Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2][6][7] Core Views - The company's Q4 performance met market expectations, driven by increased sales from major clients and innovations in AI terminals, indicating a new growth cycle [6][7] - The company is expected to accelerate growth in Q1 2025, supported by new product launches and increased production capacity [6][7] - The company is actively expanding its presence in AI terminals, smart vehicles, and low-orbit satellites, which are anticipated to drive multiple growth opportunities [6][7] Financial Performance - In 2024, the company achieved a revenue of 35.14 billion, a year-on-year increase of 9.6%, and a net profit of 3.62 billion, up 10.1% year-on-year [6][7] - Q4 revenue was 11.65 billion, reflecting a 0.4% year-on-year increase and a 12.5% quarter-on-quarter increase, with a net profit of 1.65 billion, up 14.1% year-on-year [6][7] - The company forecasts revenues of 35.14 billion, 41.29 billion, and 47.49 billion for 2024, 2025, and 2026 respectively, with corresponding net profits of 3.62 billion, 4.46 billion, and 5.33 billion [6][7] Market Position and Strategy - The company is enhancing its technological capabilities and expanding high-end production capacity, particularly in AI-related products [6][7] - The report highlights the expected innovation cycle from major clients, particularly in AI-integrated devices, which is projected to drive significant growth from 2025 to 2027 [6][7] - The company is positioned to benefit from the increasing demand for AI servers, automotive electronics, and low-orbit satellite applications, providing long-term growth momentum [6][7]