Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's revenue performance aligns with its earnings forecast, achieving a total revenue of 1.764 billion yuan in 2024, a year-on-year increase of 45%, and a net profit attributable to shareholders of 253 million yuan, also up 45% [6] - The company has experienced rapid order growth driven by major clients and successful expansion into new regions, with significant contributions from its vacuum cleaner and air compressor businesses [6] - The company has seen fluctuations in gross margin, with the air compressor margin decreasing by 7.7 percentage points to 25.5%, while the vacuum cleaner margin increased by 4.2 percentage points to 41.0% [6] - The profit forecast has been adjusted downwards, with expected net profits of 319 million yuan in 2025 and 401 million yuan in 2026, reflecting a growth rate of 26% and 26% respectively [6] Financial Summary - Total revenue is projected to grow from 1.216 billion yuan in 2023 to 3.351 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 22.9% [2][8] - Net profit attributable to shareholders is expected to increase from 175 million yuan in 2023 to 456 million yuan in 2027, with a CAGR of approximately 13.5% [2][8] - Earnings per share (EPS) is forecasted to rise from 0.96 yuan in 2023 to 2.50 yuan in 2027 [2][8] - The company's return on equity (ROE) is projected to improve from 11.7% in 2023 to 23.3% in 2027 [2][8]
欧圣电气(301187):2024年报点评:收入利润快速增长,新区域、新产品开拓顺利