LY iTECH(002600) 中银国际·2025-04-03 01:35Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company is experiencing steady revenue growth in 2024, but profitability has declined. New growth drivers include humanoid robots, AI/AR glasses, foldable screens, and server cooling solutions, supporting the "Buy" rating [3][8] Summary by Relevant Sections Financial Performance - In 2024, the company achieved revenue of RMB 44.211 billion, a year-on-year increase of 29.6%. However, the net profit attributable to the parent company decreased by 14.5% to RMB 1.753 billion. The gross margin was 15.8%, down 4.2 percentage points year-on-year [7][8] - The company expects earnings per share (EPS) of RMB 0.34, RMB 0.47, and RMB 0.56 for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 26.6x, 19.3x, and 16.1x [5][7] Revenue Breakdown - The AI terminal segment generated revenue of RMB 40.73 billion in 2024, up 32.8% year-on-year, but the gross margin fell by 4.4 percentage points to 17.4%. Key growth areas include sensors and related modules, as well as imaging display products, both exceeding 100% growth [8] - The automotive and low-altitude economy sectors contributed RMB 2.12 billion in revenue, a 52.9% increase year-on-year. However, the clean energy business saw a 25% decline in revenue to RMB 1.17 billion due to a significant reduction in customer orders [8] Growth Drivers - The company is making progress in humanoid robots, AI/AR glasses, foldable screens, and server-related businesses. For instance, the humanoid robot segment is expected to enter mass production in 2025, with a gross margin of approximately 60% [8] - The AI/AR glasses and XR wearable devices are anticipated to grow rapidly with the upcoming release of new products in 2025. The foldable screen products have already seen significant shipments, and the server business has begun to penetrate customer supply chains [8]