Azure(SZ:002245) Guoxin Securities·2025-03-13 01:46Investment Rating - The investment rating for the company is "Outperform the Market" [5][19][20] Core Views - The company achieved a net profit of 488 million yuan in 2024, representing a year-on-year increase of 247%. Revenue for the same period was 6.756 billion yuan, up 29% year-on-year [1][8] - The rapid growth in battery shipments and the expansion into new applications such as BBU and robotics are expected to drive long-term development [2][14] - The company is actively expanding its overseas operations, with a factory in Malaysia expected to commence production in the first half of 2025, enhancing global service capabilities [2][14] Financial Performance - In 2024, the company's lithium battery business generated revenue of 2.587 billion yuan, a year-on-year increase of 58%, with sales volume doubling to 442 million units [2][14] - The gross margin for the lithium battery business in 2024 was 21.94%, an increase of 13.51% year-on-year, with net profit per unit exceeding 0.4 yuan [15][19] - The LED business also performed well, achieving revenue of 1.525 billion yuan in 2024, up 23% year-on-year, with a gross margin of 19.38% [3][18] Future Projections - The company has revised its profit forecasts upwards, expecting net profits of 698 million yuan, 867 million yuan, and 1.036 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 43%, 24%, and 20% [19][21] - Earnings per share (EPS) are projected to be 0.61 yuan, 0.75 yuan, and 0.90 yuan for the same years, with dynamic price-to-earnings (PE) ratios of 26, 21, and 18 [19][21]