OLYMPIC(SH:603920) Dongguan Securities·2025-04-18 09:13Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock performance that will exceed the market index by more than 15% over the next six months [6]. Core Insights - The company is projected to experience significant profit growth in 2024 and Q1 2025, with a 2024 revenue forecast of 5.022 billion yuan, representing an 11.13% year-on-year increase. The net profit attributable to shareholders is expected to reach 675 million yuan, a 36.17% increase year-on-year [2][3]. - For Q1 2025, the company anticipates a revenue of 1.217 billion yuan, up 11.33% year-on-year, with net profit attributable to shareholders expected to be 180 million yuan, reflecting a substantial 65.61% growth [2][3]. - The growth in performance is attributed to increased business volume, higher product prices, and gains from foreign exchange and investment income [3]. Financial Summary - The company's total revenue for 2024 is projected at 5,022.03 million yuan, with a net profit of 674.74 million yuan. For 2025, revenue is expected to rise to 6,247.73 million yuan, with net profit reaching 885.45 million yuan [4]. - The earnings per share (EPS) for 2025 and 2026 are estimated to be 1.23 yuan and 1.53 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 20 and 16 times [3][4]. - The company's gross margin for 2024 is forecasted at 23.09%, an increase of 1.77 percentage points year-on-year, while the net margin is expected to be 12.70%, up 2.37 percentage points [3]. Market Dynamics - The company is benefiting from dual market drivers, with significant growth in both overseas and domestic markets. It is expanding its customer base and optimizing product structure, successfully securing contracts with leading companies in various sectors [3]. - The domestic market focus includes key development areas such as new energy vehicles, low-altitude flying vehicles, and humanoid robots, supported by the backing of a state-owned enterprise, which enhances market penetration and customer structure optimization [3].