BROADEX(300548) 民生证券·2025-03-29 12:23Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company achieved a revenue of 1.747 billion yuan in 2024, representing a year-on-year growth of 4.3%, while the net profit attributable to shareholders decreased by 11.5% to 72 million yuan. However, the net profit excluding non-recurring items surged by 421.6% to 58 million yuan [1][4]. - The telecommunications market experienced a decline, with revenue falling by 39.1% to 670 million yuan, accounting for 38.3% of total revenue. In contrast, the data communication, consumer, and industrial interconnection markets saw significant growth, with revenue increasing by 87.8% to 1.074 billion yuan, now representing 61.5% of total revenue [2][3]. - The company is well-positioned to capitalize on the growth opportunities presented by artificial intelligence, with expectations for the sales of high-speed cables to double over the next five years [3]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 514 million yuan, a year-on-year decline of 40.3%, but a quarter-on-quarter increase of 6.8%. The net profit for this quarter was 35 million yuan, marking a turnaround from losses [1]. - The company forecasts net profits of 164 million yuan, 243 million yuan, and 331 million yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 68x, 46x, and 34x [4][5]. Market Segments - The telecommunications segment's revenue decline was attributed to industry cycles and competitive pricing pressures, with a gross margin of 8.38%, down 6.65 percentage points year-on-year [2]. - The data communication and industrial interconnection markets benefited from advancements in AI and data center capabilities, achieving a gross margin of 39.07%, an increase of 11.23 percentage points year-on-year [2][3]. Strategic Initiatives - The company is enhancing its global strategy by optimizing resource allocation and expanding its overseas marketing team, resulting in a 81.1% increase in overseas sales revenue to 775 million yuan [3]. - The company is also advancing its product development in high-speed cables and optical modules, with successful development and testing of new products [3].