Sino Wealth(300327) 光大证券·2025-04-03 09:43Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company achieved a revenue of 1.343 billion yuan in 2024, representing a year-on-year growth of 3.32%, while the net profit attributable to shareholders decreased by 28.01% to 134 million yuan [1] - The company continues to focus on R&D, with R&D expenses amounting to 300 million yuan, accounting for 22.35% of revenue [1] - The company is a key supplier for domestic home appliance brands, benefiting from high cost-performance and reliability, while facing challenges in meeting strict compatibility requirements from clients [2] - The company is actively expanding into the robotics sector, focusing on MCU development for joint control, which is expected to create additional market opportunities for its battery management chips [3] - The company has introduced several new products, including 32-bit Cortex M0+ chips and upgraded induction cooker products, with plans for mass production in 2025 [2][3] Financial Summary - In 2024, the company reported a gross margin of 33.60%, a decrease of 2.01 percentage points year-on-year, primarily due to intense market competition [1] - The company’s operating cash flow was positive at 183 million yuan, driven by a reduction in inventory [1] - The forecast for net profit attributable to shareholders for 2025 and 2026 has been revised down to 161 million yuan and 202 million yuan, respectively, reflecting a decrease of 51% and 55% from previous estimates [3] - The company’s revenue is projected to grow significantly in the coming years, with estimates of 1.615 billion yuan in 2025, 1.96 billion yuan in 2026, and 2.4 billion yuan in 2027 [4] Key Financial Metrics - The company’s earnings per share (EPS) for 2024 is projected at 0.39 yuan, with a return on equity (ROE) of 7.70% [4] - The price-to-earnings (P/E) ratio is expected to decrease from 60 in 2024 to 24 in 2027, indicating a potential increase in valuation attractiveness over time [4] - The company’s gross margin is expected to improve to 41.0% by 2027, reflecting operational efficiencies and product mix enhancements [12]