OLYMPIC(603920) Huachuang Securities·2025-04-18 02:43Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [2][23]. Core Insights - The company's Q1 2025 performance met expectations, with sufficient orders and optimized product structure. The revenue for Q1 2025 reached 1.217 billion yuan, reflecting a year-on-year growth of 11.33%. The net profit attributable to the parent company was 180 million yuan, showing a significant year-on-year increase of 65.61% [8]. - The company is experiencing robust growth driven by the automotive and data communication sectors, with a strong focus on electric vehicles and artificial intelligence applications. The company has established partnerships with leading clients such as Tesla and BMW, leveraging its early entry into the automotive PCB market [8]. - The report forecasts a steady increase in revenue and net profit over the next few years, with projected revenues of 6.716 billion yuan in 2025 and 9.862 billion yuan in 2027, alongside net profits of 879 million yuan and 1.35 billion yuan respectively [3][8]. Financial Summary - The total revenue for 2024 is projected at 5.022 billion yuan, with a year-on-year growth rate of 11.1%. The net profit attributable to the parent company is expected to be 675 million yuan, reflecting a growth rate of 36.2% [3][8]. - The earnings per share (EPS) is forecasted to increase from 0.94 yuan in 2024 to 1.87 yuan by 2027, indicating a strong upward trend in profitability [3][8]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 26 times in 2024 to 13 times in 2027, suggesting an attractive valuation as earnings grow [3][8].