Sino Wealth(300327) 光大证券·2025-04-03 10:00Investment 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 leading supplier of industrial-grade MCUs in China, benefiting from high cost-performance and reliability, particularly in the white goods market [2] - The company is actively expanding into the robotics sector, focusing on joint control MCUs and lithium 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 Performance 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 operating cash flow for 2024 was 183 million yuan, exceeding net profit due to a reduction in inventory [1] - The company forecasts net profits of 161 million yuan and 202 million yuan for 2025 and 2026, respectively, with a new estimate of 332 million yuan for 2027 [3] - The company’s revenue is projected to grow significantly in the coming years, with a forecasted revenue of 2.4 billion yuan by 2027 [4]