Guobo Electronics (688375) 华泰证券·2025-04-22 09:26Investment Rating - The report maintains an "Accumulate" rating for the company [6]. Core Views - The company experienced a significant revenue decline in Q1 2025, with a year-over-year decrease of 49.51%, primarily due to product delivery rhythm impacts. However, there are expectations for recovery in military products and rapid growth in civilian RF chip business as the company expands into new fields like low-orbit satellites and commercial aerospace [1][2]. - The company’s gross margin improved to 38.59% in 2024, up by 6.31 percentage points year-over-year, attributed to increased application of self-developed chips and effective cost control [2]. - The projected net profit for the company is expected to recover from 4.85 billion yuan in 2024 to 6.03 billion yuan in 2025, with a target price set at 62.67 yuan per share, reflecting a price-to-earnings ratio of 62x for 2025 [3][6]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 2.591 billion yuan, down 27.36% year-over-year, and a net profit of 484.65 million yuan, down 20.06% year-over-year. The first quarter of 2025 saw a revenue of 350 million yuan, down 49.51% year-over-year, and a net profit of 57.53 million yuan, down 52.37% year-over-year [1][5]. - The company’s gross margin for 2024 was 38.59%, with a net profit margin of 18.70%. In Q1 2025, the gross margin increased to 43.01%, while the net profit margin was 16.44% [2]. Business Segments - The T/R component and RF module business is projected to generate 2.332 billion yuan in revenue for 2024, a decrease of 30.99% year-over-year, while the RF chip business is expected to grow by 33.46% year-over-year to 170 million yuan [2]. - The company is actively expanding its T/R component applications across various platforms, which is expected to contribute to performance in 2025 [2]. Valuation Metrics - The company’s projected earnings per share (EPS) for 2025 is 1.01 yuan, with a price-to-earnings (PE) ratio of 49.77x. The projected return on equity (ROE) for 2025 is 9.46% [5][22].