神驰机电（603109）：渠道、品牌优势明显，产能有望逐步落地

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 20% compared to the benchmark index within six months [14]. Core Insights - The company achieved a revenue of 2.74 billion yuan in 2024, representing a year-on-year increase of 2.96%. However, the net profit attributable to shareholders decreased by 14.35% to 194 million yuan [3][4]. - The company is experiencing a significant growth in general power products, with a revenue increase of 83.56% to 132 million yuan, while the revenue from motor products decreased by 12.27% to 436 million yuan [4]. - The company is increasing its R&D investments and expanding its product line, including the development of high-power variable frequency generators and various cleaning machines [5]. Financial Performance - The company forecasts revenues of 3.19 billion yuan, 3.68 billion yuan, and 4.18 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 16.56%, 15.17%, and 13.74% [6][10]. - The net profit attributable to shareholders is expected to grow to 235 million yuan, 278 million yuan, and 327 million yuan in the same years, with growth rates of 21.11%, 18.41%, and 17.78% [6][10]. - The company's PE ratios for 2025, 2026, and 2027 are projected to be 16.04, 13.55, and 11.50, respectively [6][10].