EAGLERISE(CHINA)(SZ:002922) Huaxin Securities·2025-03-31 09:35Investment Rating - The report maintains a "Buy" investment rating for the company [7] Core Insights - The company achieved significant growth across multiple business segments, with a notable increase in revenue and net profit for 2024 [4][5] - The company is advancing its domestic and international production capacity layout, with new factories in various locations becoming operational [6] - The company is promoting a smart factory model as part of its industrial transformation strategy [6] Financial Performance - In 2024, the company reported revenue of 4.639 billion yuan, a year-on-year increase of 27.78%, and a net profit of 293 million yuan, up 39.75% [4][10] - The revenue from energy products reached 3.368 billion yuan, growing by 28.24%, while lighting products generated 978 million yuan, increasing by 20.53% [5] - The gross profit margin for 2024 was 20.35%, a decrease of 1.76 percentage points due to rising shipping costs [5] Production Capacity and Strategy - The company has established seven production bases globally, with new facilities in Anhui, Malaysia, and Thailand commencing operations [6] - The promotion of digital and intelligent manufacturing is a key focus for the company, with successful replication of technology standards across various factories [6] Earnings Forecast - The company is projected to achieve revenues of 5.793 billion yuan, 7.204 billion yuan, and 8.907 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.96, 1.24, and 1.58 yuan [7][10] - The expected growth rates for revenue are 24.9% in 2025, 24.3% in 2026, and 23.7% in 2027 [10]