汉威科技：年报点评：布局具身智能多维产品矩阵，打开传感器业务未来成长空间-20250410

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating an expected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [2][10][19]. Core Views - The company reported a revenue of 2.228 billion yuan for 2024, a decrease of 2.61% year-on-year, and a net profit attributable to shareholders of 77 million yuan, down 41.38% year-on-year [2][10]. - The company is focusing on enhancing its sensor business and expanding its product matrix in embodied intelligence, which is expected to open up future growth opportunities [7][9]. - The company has established a comprehensive IoT ecosystem centered around sensor technology, which includes chip design, sensitive materials, manufacturing processes, and testing technologies, maintaining its leading position in the gas sensor market [7][9]. Financial Performance - The company's gross margin for 2024 was 29.85%, a decline of 0.37% year-on-year, while the net profit margin was 2.41%, down 3.4% year-on-year [7][10]. - Research and development expenses increased by 10.36% year-on-year to 211 million yuan, accounting for 9.48% of total revenue [7][10]. - The company forecasts revenues of 2.539 billion yuan, 2.851 billion yuan, and 3.185 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 114 million yuan, 139 million yuan, and 165 million yuan [10][11]. Business Development - The company is deepening its presence in security and environmental protection sectors, improving the performance of gas sensors and expanding into new markets such as energy storage and smart safety [9][10]. - In the automotive sector, the company is collaborating with several well-known manufacturers, which has led to steady growth in product orders [9][10]. - The company is also advancing its smart instrument business, enhancing its product lineup in gas measurement and safety instruments, thereby solidifying its leading position in the industry [9][10].