Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is expected to return to growth in 2024, with a projected revenue of 2.0 billion yuan, representing a year-on-year increase of 14%, and a net profit of 0.45 billion yuan, up 29% year-on-year [7] - The smart home business is anticipated to continue its rapid growth, contributing significantly to the company's overall performance [7] - The new R&D and production headquarters is expected to enhance customer recognition and facilitate further collaboration [7] - The company maintains its profit forecasts for 2025 and 2026, with an additional forecast for 2027, projecting net profits of 0.51 billion, 0.58 billion, and 0.66 billion yuan respectively, with corresponding growth rates of 13%, 15%, and 14% [7] Financial Summary - Total revenue for 2023 was 1.75 billion yuan, with projections of 2.00 billion yuan for 2024, 2.33 billion yuan for 2025, 2.71 billion yuan for 2026, and 3.15 billion yuan for 2027, reflecting a compound annual growth rate of approximately 16% [1][8] - The net profit for 2023 was 0.35 billion yuan, with forecasts of 0.45 billion yuan for 2024, 0.51 billion yuan for 2025, 0.58 billion yuan for 2026, and 0.66 billion yuan for 2027, indicating a steady growth trajectory [1][8] - The earnings per share (EPS) are projected to increase from 0.89 yuan in 2023 to 1.70 yuan by 2027 [1] - The price-to-earnings (P/E) ratio is expected to decrease from 40.47 in 2023 to 21.13 by 2027, indicating improving valuation metrics [1]
雷特科技（832110）：2024年报点评：24年业绩重回增长，25年智能电源及家居业务有望持续高增