HON-Flex(300657) 国盛证券·2025-04-03 08:46Investment Rating - The report maintains a "Hold" rating for the company [3][5]. Core Views - The company achieved a revenue of 5.875 billion yuan in 2024, representing a year-on-year growth of 68.91%, and turned a profit with a net profit of 57 million yuan [1]. - The "All in AI" strategy is beginning to show results, with significant growth in AI-related businesses and improvements in profit margins across various segments [2]. - The company is focusing on high-end products in the FPC business and has established strong partnerships with major smartphone manufacturers [1][2]. Financial Performance - The company reported a revenue of 3.478 billion yuan in 2023, with a projected revenue of 8.486 billion yuan in 2025, reflecting a growth rate of 44.4% [4]. - The net profit is expected to increase from 111 million yuan in 2024 to 739 million yuan in 2026, indicating a substantial recovery and growth trajectory [4]. - The gross margin for the FPC business improved to 2.75%, while the AI-related business achieved a gross margin of 19.72%, showing a significant increase compared to the previous year [2]. Market Position and Strategy - The company is positioned as a leading domestic FPC manufacturer, with a focus on upgrading its product offerings in response to the growing demand for AI-driven technologies [1]. - The strategic partnership with domestic chip manufacturers and exploration of NVIDIA's resources are key components of the company's growth strategy in the AI sector [2]. - The company aims to enhance its operational efficiency while expanding its customer base through strategic collaborations with major industry players [1][2].