联赢激光（688518）：业绩符合预期，消费电子业务高增

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance met expectations, with significant growth in the consumer electronics business driving an increase in the non-lithium battery segment [7] - The company reported a total revenue of 3.15 billion yuan for 2024, a year-over-year decrease of 10.33%, and a net profit of 166 million yuan, down 42.18% year-over-year [4][7] - The company is focusing on expanding its non-lithium battery market and optimizing its business structure, with a notable increase in orders from the non-lithium battery sector [7] Financial Data and Profit Forecast - The company’s total revenue is projected to grow from 3.15 billion yuan in 2024 to 4.79 billion yuan by 2027, with a compound annual growth rate of approximately 17% [6][8] - The net profit is expected to rebound from 166 million yuan in 2024 to 655 million yuan in 2027, reflecting a significant recovery in profitability [6][8] - The gross margin is forecasted to improve from 30.5% in 2024 to 35.2% in 2027, indicating a positive trend in profitability [6][8] Business Segmentation - The revenue breakdown for 2024 shows a significant increase in the consumer electronics segment, which generated 551 million yuan, a year-over-year growth of 261.95% [7] - The lithium battery segment saw a revenue decline of 23.75%, while the automotive and hardware segments also experienced decreases [7] - The company is actively developing new applications in the semiconductor and photovoltaic sectors to create new growth points [7]