Azure(SZ:002245) Haitong Securities·2025-03-18 07:12Investment Rating - The investment rating for the company is "Outperform the Market" [2]. Core Insights - The company has shown significant growth in revenue and profitability, with a 29.4% year-on-year increase in revenue for 2024, reaching 67.56 billion yuan, and a remarkable 246.4% increase in net profit, amounting to 4.88 billion yuan [5]. - The lithium battery business has experienced substantial growth, with revenue increasing by 57.99% to 2.587 billion yuan, and a shipment of 442 million units, which is a 100.74% increase year-on-year [5]. - The company is expanding its overseas operations, with a new project in Malaysia expected to commence production in the first half of 2025, which will further enhance its international sales [5]. Financial Data and Forecast - The company's financial projections indicate a steady increase in revenue from 52.22 billion yuan in 2023 to 103.60 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 11.2% [4]. - Net profit is expected to grow from 141 million yuan in 2023 to 995 million yuan in 2027, reflecting a strong upward trend in profitability [4]. - The gross margin is projected to improve from 12.8% in 2023 to 19.1% in 2027, indicating enhanced operational efficiency [4]. Market Performance - The company's stock has shown a significant absolute increase of 18.7%, 34.6%, and 50.5% over the past three months [3]. - The relative performance against the market index has also been strong, with increases of 17.5%, 29.7%, and 48.6% over the same period [4]. Valuation - The company is valued at a price-to-earnings (P/E) ratio of 23 for 2025, with a projected range of 16.31 to 19.57 yuan per share based on comparable company valuations [6]. - The expected earnings per share (EPS) is forecasted to rise from 0.42 yuan in 2024 to 0.86 yuan by 2027, reflecting strong earnings growth [4].