汇创达（300909）：2024年业绩稳步提升，多项业务或将步入收获期2

Investment Rating - The report maintains an "Accumulate" rating for the company [2][6] Core Views - The company is expected to see steady revenue and profit growth in 2024, driven by its signal transmission and new energy segments, with both gross and net profit margins improving year-on-year [4][9] - The company’s revenue for 2024 is projected to be RMB 1.474 billion, representing an 8.67% year-on-year increase, while the net profit is expected to reach RMB 101 million, a 7.44% increase [9] Financial Projections - The company’s estimated revenue and net profit for the years 2025, 2026, and 2027 are as follows: - Revenue: RMB 1.823 billion (2025), RMB 2.243 billion (2026), RMB 2.740 billion (2027) - Net Profit: RMB 178 million (2025), RMB 244 million (2026), RMB 299 million (2027) [8][10] - The projected growth rates for revenue and net profit are 23.7% and 76.3% for 2025, respectively [8][10] Business Segment Performance - The signal transmission components segment is expected to be a significant growth driver, with revenue projected to reach RMB 640 million in 2024, a 22.79% increase year-on-year [9] - The new energy structural components segment is anticipated to see substantial growth, with revenue expected to increase by 239% year-on-year to RMB 54 million in 2024 [9] Valuation Metrics - The company’s estimated P/E ratios for 2025, 2026, and 2027 are 23.7, 17.3, and 14.1, respectively [6][8] - The projected dividend per share is expected to increase from RMB 0.2 in 2023 to RMB 0.4 in 2025 and RMB 0.6 in 2026 [8][10]