星宇股份：车灯量价齐升，国际化稳步推进-20250321

Investment Rating - The investment rating for the company is "Recommended" [1][7][10] 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][3] - The company’s automotive lighting business saw significant growth, with revenue reaching 12.454 billion yuan, a 29.75% increase year-on-year, driven by a rise in sales volume and an increase in high-value product penetration [6][7] - The company is expanding its international presence, with overseas revenue reaching 490 million yuan, a 49.1% increase year-on-year, although the overseas gross margin was under pressure at 6.44% [6][7] Financial Summary - Revenue projections 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 respective year-on-year growth rates of 26.7%, 23.5%, and 19.4% [3][9] - Net profit forecasts are adjusted to 1.813 billion yuan for 2025, 2.284 billion yuan for 2026, and 2.736 billion yuan for 2027, with growth rates of 28.8%, 26.0%, and 19.8% respectively [3][7] - The company’s gross margin is projected to stabilize around 19.5% in the coming years, while the net margin is expected to be around 10.8% [3][9] Business Development - The company has secured 69 new automotive lighting projects, with 40 entering mass production, indicating a strong pipeline for future growth [6][7] - The company is a supplier for high-profile clients, including Huawei's AITO brand, which has seen significant sales, further enhancing the company's market position [6][7] - The establishment of subsidiaries in Mexico and the USA is expected to bolster the company's service capabilities in North America as production ramps up [6][7]