Sunlord(SZ:002138) HUAXI Securities·2025-04-18 14:36Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company achieved a record high in quarterly performance for Q1 2025, driven by significant growth in new products and markets, improved product structure, and enhanced operational efficiency [2] - Revenue for Q1 2025 reached 1.461 billion yuan, representing a year-on-year increase of 16.03% but a quarter-on-quarter decrease of 14.16%. The net profit attributable to shareholders was 233 million yuan, up 37.02% year-on-year and 12.09% quarter-on-quarter [1][2] - The company is well-positioned in the automotive electronics and data center sectors, with a focus on AI applications and energy-efficient products [4][7] Financial Performance - In Q1 2025, the revenue breakdown by product was as follows: signal processing (510 million yuan, -4.95% YoY), power management (508 million yuan, +23.87% YoY), automotive electronics or energy storage (314 million yuan, +65.46% YoY), and ceramics & PCB & others (128 million yuan, +5.02% YoY) [2] - The gross margin for Q1 2025 was 35.56%, a slight decrease of 0.39 percentage points year-on-year but an increase of 2.07 percentage points quarter-on-quarter [3] - The company maintains a strong cost control strategy, with a total expense ratio of 16.13% in Q1 2025, down 1.84 percentage points year-on-year and 0.48 percentage points quarter-on-quarter [3] Future Outlook - The company forecasts revenue growth of 20.32%, 15.61%, and 14.10% for the years 2025, 2026, and 2027, respectively, with net profits expected to grow by 26.1%, 25.1%, and 20.3% in the same period [8] - Earnings per share (EPS) are projected to be 1.30, 1.63, and 1.96 yuan for 2025, 2026, and 2027, respectively [8] - The company is actively pursuing opportunities in hydrogen fuel cell projects, which could open new markets for growth [7]