SENSSUN(002870) 银河证券·2025-03-28 08:05Investment Rating - The report maintains a "Recommended" rating for the company [2][8]. Core Views - The strategic synergy effect with the controlling shareholder, Yunsen Electronics, is expected to gradually manifest, enhancing the company's competitiveness in smart cockpit products. The change in controlling shareholder is anticipated to strengthen collaboration and strategic alignment [1]. - The company reported a revenue of 5.902 billion yuan for 2024, a year-on-year increase of 1.97%, and a net profit attributable to shareholders of 155.26 million yuan, a year-on-year decrease of 3.67% [5]. - The decline in sales from luxury brand clients has impacted revenue growth, but the increase in shipments from self-owned brand clients has mitigated this effect, resulting in a slight revenue increase for the year [5]. - The company has seen a decrease in customer concentration, with the top five clients contributing 68.34% of revenue, down 5.32 percentage points year-on-year, which is expected to reduce the impact of single-client sales fluctuations on overall revenue [5]. - The company has invested significantly in R&D, with expenses rising by 26.97% to 429 million yuan in 2024, indicating a focus on new product development, particularly in the low-altitude economy sector [5]. Financial Summary - For 2024, the company achieved a gross margin of 24.17%, reflecting a year-on-year increase of 0.17 percentage points, indicating stable profitability despite market pressures [5]. - The company forecasts revenue growth to 6.512 billion yuan in 2025, with a projected net profit of 179.73 million yuan, representing a profit growth rate of 15.76% [7][8]. - The earnings per share (EPS) is expected to increase from 1.18 yuan in 2024 to 1.36 yuan in 2025, with corresponding price-to-earnings (PE) ratios of 30.68 and 26.50, respectively [7][10].