STI(300416) 申万宏源证券·2025-04-13 13:45Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The worst demand period has passed, and profit margins are expected to recover [8] - The company reported a revenue of 2.026 billion, a year-on-year decline of 4.31%, and a net profit of 229 million, down 27.00% year-on-year [5][8] - The fourth quarter showed a revenue of 619 million, a year-on-year increase of 4.93%, with a net profit of 83 million, down 11.64% year-on-year [5][8] Financial Data and Profit Forecast - Revenue projections for 2025-2027 are 2.282 billion, 2.541 billion, and 2.834 billion respectively, with growth rates of 12.7%, 11.3%, and 11.5% [7] - Net profit forecasts for the same period are 312 million, 379 million, and 461 million, with growth rates of 35.9%, 21.7%, and 21.4% respectively [7] - The company's gross margin for 2024 is projected at 44.5%, with a slight decrease from the previous year [8] Revenue and Profitability Analysis - The fourth quarter showed significant improvement in revenue growth, particularly in the aerospace and automotive sectors [8] - The company experienced a decline in profitability due to a combination of weak market demand and increased costs from capacity expansion [8] - The net profit margin for 2024 is expected to be 13.40%, down 4.02 percentage points year-on-year [8]