LY iTECH(SZ:002600) HUAXI Securities·2025-03-29 11:33Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company reported a revenue of 44.211 billion yuan for 2024, representing a year-on-year increase of 29.56%, while the net profit attributable to shareholders was 1.753 billion yuan, a decrease of 14.50% year-on-year [1] - The fourth quarter of 2024 saw the company achieve a record revenue of 12.727 billion yuan, up 34.28% year-on-year, indicating a clear inflection point in performance since Q3 2024 [2] - The company is focusing on four key business areas: robotics, AI glasses, foldable screens, and servers, which are expected to drive future growth [4][7][8] Financial Performance - The company's gross margin for 2024 was 15.77%, down 4.17 percentage points year-on-year, primarily due to new businesses not yet achieving scale [3] - The company has improved its expense control, with a total expense ratio of 8.58% in 2024, down 2.42 percentage points year-on-year [3] - Revenue projections for 2025-2027 are adjusted to 50.141 billion, 59.080 billion, and 69.267 billion yuan, respectively, with corresponding net profits of 2.500 billion, 3.403 billion, and 4.193 billion yuan [9] Business Segments - AI terminal business generated 40.731 billion yuan in revenue for 2024, up 32.75% year-on-year, driven by AI-enabled demand [2] - The automotive and low-altitude economy business achieved 2.117 billion yuan in revenue, a 52.90% increase year-on-year, benefiting from market growth and increased market share [2] - The company has established itself as a core supplier for AMD in the server segment, which is expected to deepen collaboration [8]