APG(SZ:002284) Soochow Securities·2025-03-30 12:51Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue for 2024 is projected to be 42.6 billion yuan, representing a year-on-year increase of 10.0%, with a net profit attributable to shareholders of 2.1 billion yuan, up 119.6% year-on-year [7] - The gross margin for 2024 is expected to be 18.4%, an increase of 1.8 percentage points year-on-year, with a significant improvement in gross margins driven by economies of scale [7] - The company has a robust order book, having initiated 166 new projects in 2024, including 74 related to automotive electronic control systems, with a notable contract for integrated brake control modules expected to generate total sales of approximately 1 billion yuan [7] - The earnings forecast for 2025-2026 is maintained at 55 billion yuan and 64 billion yuan respectively, with net profit attributable to shareholders adjusted upwards to 3.4 billion yuan and 4.2 billion yuan for the same years [7] Financial Summary - Total revenue for 2023 is reported at 38.74 billion yuan, with a projected increase to 42.6 billion yuan in 2024, and further growth to 55.28 billion yuan in 2025 [1][8] - The net profit attributable to shareholders is expected to rise from 969.5 million yuan in 2023 to 2.1293 billion yuan in 2024, and to 3.3971 billion yuan in 2025 [1][8] - The earnings per share (EPS) is forecasted to increase from 0.13 yuan in 2023 to 0.29 yuan in 2024, reaching 0.46 yuan in 2025 [1][8] - The price-to-earnings (P/E) ratio is projected to decrease from 74.25 in 2023 to 33.81 in 2024, and further down to 21.19 in 2025 [1][8]