FLAC(SZ:002536) Zhongyuan Securities·2025-04-02 12:23Investment Rating - The report gives the company an initial "Buy" investment rating, expecting a relative increase of over 15% compared to the CSI 300 index in the next six months [15][27]. Core Views - The company achieved a record high revenue of 4.723 billion yuan in 2024, with a year-on-year growth of 15.34%, and a net profit of 330 million yuan, up 25.92% year-on-year [6][7]. - The company is actively expanding its global market presence, with overseas sales reaching 2.812 billion yuan, a significant increase of 29.24% year-on-year, accounting for 60% of total revenue [8][10]. - The strategic transformation towards a dual business model of "automotive + general industry" is underway, enhancing its product offerings in various sectors beyond automotive [11]. Financial Performance - In 2024, the company reported a gross margin of 21.54%, an increase of 0.65 percentage points year-on-year, with net profit margin rising to 6.93% [12]. - The company plans to distribute a cash dividend of 3 yuan per 10 shares to all shareholders [6]. - Forecasts indicate that the company will achieve net profits of 444 million yuan, 579 million yuan, and 719 million yuan in 2025, 2026, and 2027, respectively [15][16]. Market Trends - The penetration rate of new energy vehicles in China is expected to continue rising, with projections indicating that by 2025, the market share will reach 56% [13][14]. - The company is well-positioned to capitalize on the strong growth momentum in the new energy vehicle sector, aiming for a revenue target of 10 billion yuan by 2030, with 60% from new energy [14].