HON-Flex(300657) 国盛证券·2025-04-03 10:10Investment Rating - The report maintains a "Hold" rating for the company [3][5]. Core Views - The company's 2024 annual report shows a revenue of 5.875 billion yuan, a year-on-year increase of 68.91%, and a net profit attributable to shareholders of 57 million yuan, marking a return to profitability [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 FPC (Flexible Printed Circuit) business has seen a revenue of 3.097 billion yuan, a year-on-year increase of 6.95%, indicating a strengthening market position [1]. Financial Performance - The company achieved a revenue of 5.875 billion yuan in 2024, with a projected revenue of 8.486 billion yuan in 2025, reflecting a growth rate of 44.4% [4]. - The net profit attributable to shareholders is expected to grow significantly, from 57 million yuan in 2024 to 323 million yuan in 2025, representing a year-on-year growth of 469.3% [4]. - The gross margin for the printed circuit board business improved to 2.75%, while the AI-related business achieved a gross margin of 19.72%, an increase of 25.32 percentage points year-on-year [2]. Business Segments - The AI computing and related business generated 1.988 billion yuan in revenue, accounting for 33.84% of total revenue, indicating rapid expansion [2]. - The company is strategically positioned in both domestic and international markets, supplying major smartphone manufacturers such as H Company, OPPO, VIVO, Xiaomi, and others [1]. Future Projections - The company is projected to achieve revenues of 11.130 billion yuan and 13.707 billion yuan in 2026 and 2027, respectively, with net profits expected to reach 739 million yuan in 2026 [4]. - The report anticipates continued growth driven by advancements in AI technology and the company's focus on high-end products [2].