华工科技：2024年归母净利润同比增长21%，高速光模块逐步放量-20250419

Investment Rating - The report assigns an "Outperform" rating for the company, marking the first coverage [6]. Core Insights - The company is expected to achieve a total operating revenue of 11.709 billion yuan in 2024, representing a year-on-year growth of 13.6%, with a net profit attributable to shareholders of 1.221 billion yuan, up 21.24% year-on-year [1][4]. - The company is actively expanding its international market presence, with overseas revenue reaching 1.38 billion yuan in 2024, a growth of 25.6% [2][25]. - The company has three main business segments: connectivity, perception, and intelligent manufacturing, all showing positive growth trends [2][10]. Revenue and Profit Forecast - The company forecasts revenues of 15.641 billion yuan, 20.505 billion yuan, and 24.584 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 1.582 billion yuan, 1.965 billion yuan, and 2.318 billion yuan for the same years [4][70]. Business Performance - The connectivity business generated 3.975 billion yuan in revenue in 2024, a year-on-year increase of 23.75%, driven by growth in the AIGC application field [2][25]. - The perception business achieved revenue of 4.095 billion yuan, with the sensor segment contributing 3.668 billion yuan, reflecting a 12.9% increase year-on-year [2][25]. - The intelligent manufacturing segment reported revenue of 3.492 billion yuan, up 9.45% year-on-year [2][25]. Margin and Cost Control - The company's gross margin for 2024 is projected at 21.55%, a slight decrease of 1.56 percentage points year-on-year, but expected to improve as high-speed optical modules ramp up [3][29]. - The company has maintained good cost control, with sales, management, and R&D expense ratios showing minor changes [3][29]. Market Trends - The demand for optical communication is expected to grow significantly, driven by AI investments and the need for high-speed optical modules [37][40]. - The laser manufacturing and sensing industries are also poised for steady growth, particularly in the context of the expanding electric vehicle market [54][59].