Avary Holding(SZ:002938) Shanxi Securities·2025-04-10 12:50Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][6]. Core Views - The company reported a stable revenue growth of 9.59% year-on-year for 2024, with total revenue reaching 35.14 billion yuan and a net profit of 3.62 billion yuan, reflecting a 10.14% increase year-on-year [4][5]. - The company is actively expanding its presence in the AI industry chain, with over 45% of its revenue coming from AI-related products in 2024 [5][6]. - The company is positioned as a key supplier for AI mobile phones, PCs, and glasses, and is enhancing its technology in AI server products [5]. Financial Performance - In 2024, the company achieved a gross margin of 20.76%, a slight decrease of 0.58 percentage points year-on-year, primarily due to rising raw material costs and changes in product structure [5]. - The company’s earnings per share (EPS) for 2024 was 1.56 yuan, with projected EPS of 1.84 yuan, 2.22 yuan, and 2.79 yuan for 2025, 2026, and 2027 respectively [10][12]. - The net asset return rate (ROE) for 2024 was 11.2%, with expectations of gradual improvement in the following years [10][12]. Revenue and Profit Forecast - The company forecasts net profits of 4.27 billion yuan, 5.15 billion yuan, and 6.46 billion yuan for 2025, 2026, and 2027, representing year-on-year growth rates of 17.9%, 20.6%, and 25.5% respectively [6][8]. - Revenue is expected to grow to 40.83 billion yuan in 2025, with a year-on-year increase of 16.2% [8][12]. Market Performance - The company's stock closed at 27.95 yuan, with a year-to-date high of 44.66 yuan and a low of 20.91 yuan [3]. - The circulating A-share market value is approximately 64.44 billion yuan, with a total market value of around 64.80 billion yuan [3].