AIM(300446) 中邮证券·2025-04-02 11:34Investment Rating - The report maintains a "Buy" rating for the company [7][8]. Core Insights - The company achieved a revenue of 7.781 billion yuan in 2024, representing a year-on-year growth of 32.78%, and a net profit of 792 million yuan, which is an increase of 87.02% compared to the previous year [4][5]. - The automotive parts business continues to grow rapidly, with revenue reaching 7.003 billion yuan in 2024, a year-on-year increase of 37.73%, and a gross margin of 18.68% [5]. - The oil and gas equipment business generated a net profit of 238 million yuan in 2024, with revenue of 546 million yuan, a decrease of 5.96% year-on-year, but a gross margin of 67.18% [6]. - The company is expected to benefit from the development of deep-sea technology, which was highlighted in the recent national policy discussions, indicating a broad future for oil and gas equipment [6][8]. - The company is positioned as a platform for asset injection from the Aerospace Science and Technology Corporation, which could enhance its growth prospects [8]. - Forecasted net profits for 2025-2027 are projected to be 902 million, 1.108 billion, and 1.380 billion yuan, respectively, with growth rates of 14%, 23%, and 25% [8][10]. Financial Summary - In 2024, the company reported total revenue of 7.781 billion yuan, with a projected revenue of 8.986 billion yuan in 2025, reflecting a growth rate of 15.49% [10][13]. - The company's earnings per share (EPS) for 2024 is estimated at 0.94 yuan, with projections of 1.07 yuan, 1.31 yuan, and 1.63 yuan for 2025, 2026, and 2027, respectively [10][13]. - The price-to-earnings (P/E) ratio is expected to decrease from 22.26 in 2024 to 12.77 by 2027, indicating potential valuation improvement [10][13].