星宇股份：车灯量价齐升，国际化稳步推进-20250320

Investment Rating - The investment rating for the company is "Recommended" [1][6][9] Core Views - The company achieved a revenue of 13.253 billion yuan in 2024, representing a year-on-year increase of 29.32%, and a net profit of 1.408 billion yuan, up 27.78% year-on-year [2][5] - The company is a leading domestic supplier of automotive lighting systems, with significant growth driven by the increasing value of automotive lighting due to the development of automotive intelligence and the expansion of new energy vehicle clients [5][6] - The company has a robust pipeline of new projects, having undertaken 69 new vehicle lighting projects in 2024, with 40 entering mass production, which supports future growth [5][6] Financial Summary - In 2024, the company's automotive lighting business revenue reached 12.454 billion yuan, a year-on-year increase of 29.75%, with significant sales growth in front and rear combination lights [5] - The projected revenues for the company are as follows: 16.792 billion yuan in 2025, 20.743 billion yuan in 2026, and 24.776 billion yuan in 2027, with corresponding net profits of 1.813 billion yuan, 2.284 billion yuan, and 2.736 billion yuan respectively [3][6] - The gross margin for the automotive lighting business in 2024 was 19.93%, a decrease of 1.22 percentage points year-on-year, primarily due to the impact of overseas operations [5][6] Market Expansion - The company is steadily advancing its internationalization efforts, with overseas revenue reaching 490 million yuan in 2024, a year-on-year increase of 49.1%, although the overseas gross margin was only 6.44% [5][6] - The establishment of subsidiaries in Mexico and the United States is expected to enhance the company's service capabilities for North American clients as production ramps up [5][6]