TODAYTEC(SZ:300743) ZHESHANG SECURITIES·2025-04-22 15:30Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company achieved rapid revenue growth in 2024, with total revenue of 760 million yuan, representing an 18% year-on-year increase, and a net profit attributable to shareholders of 92 million yuan, up 66% year-on-year [1] - The gross margin improved to 35.3% in 2024, an increase of 4.7 percentage points year-on-year, with a net profit margin of 12.1%, up 3.5 percentage points year-on-year [2] - The company is expanding its production capacity, particularly in Anhui Weisen, which saw a revenue increase of 73% to 150 million yuan in 2024 [3] - Revenue forecasts for 2025-2027 are projected at 910 million, 1.07 billion, and 1.24 billion yuan, with corresponding net profits of 130 million, 180 million, and 230 million yuan, indicating compound annual growth rates of 35% over three years [4] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 210 million yuan, a 15% year-on-year increase, and a net profit of 21 million yuan, up 71% year-on-year [1] - The first quarter of 2025 showed a revenue of 200 million yuan, a 20% year-on-year increase, with a net profit of 29 million yuan, up 40% year-on-year [1] Gross Margin and Profitability - The gross margin for 2024 was 35.3%, with quarterly improvements throughout the year, and a slight decrease to 34.2% in Q1 2025 [2] - The net profit margin reached a new high of 16.0% in Q1 2025, reflecting strong operational efficiency [2] Growth Drivers - Anhui Weisen's significant growth and ongoing capacity expansion projects are key contributors to the company's future growth [3] - The company is investing in technological upgrades and new projects to sustain its growth trajectory [3] Valuation and Forecast - The company is expected to maintain strong revenue and profit growth, with a projected PE ratio decreasing from 25 in 2024 to 10 by 2027 [4]