Shanghai Liangxin Electrical (SZ:002706) Minsheng Securities·2025-03-30 00:23Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Views - The company's main business is expected to recover from its bottom in 2024, with a forecasted return to growth in 2025 [1]. - The company has made significant investments in research and development, completing over 160 product development and enhancement plans in 2024, including the launch of 19 new products [2]. - The demand for intelligent computing centers is anticipated to drive the company's growth, leveraging its extensive experience in the data center sector [2]. - The company's DC contactor products are gaining traction in the market, particularly in the energy storage and charging station sectors [3]. - Revenue projections for 2025-2027 are estimated at 51.93 billion, 65.23 billion, and 83.23 billion yuan, with corresponding growth rates of 22.5%, 25.6%, and 27.6% [3]. Financial Summary - In 2024, the company achieved a revenue of 4.238 billion yuan, a decrease of 7.57% year-on-year, and a net profit of 312 million yuan, down 38.92% year-on-year [1][4]. - The gross margin for 2024 was 30.36%, a decline of 2.09 percentage points compared to the previous year, while the net profit margin was 7.36%, down 3.78 percentage points [1]. - The company forecasts a net profit of 503 million yuan in 2025, representing a growth of 61.3% [4][9].