POCO(300811) 国信证券·2025-04-23 09:36Investment Rating - The report maintains an "Outperform the Market" rating for the company [4][6][17]. Core Views - The company achieved significant growth in 2024, with revenue reaching 1.663 billion yuan, a year-on-year increase of 43.54%, and a net profit of 376 million yuan, up 46.90% year-on-year [7][11]. - The metal soft magnetic core business saw a revenue increase of 20.2% to 1.234 billion yuan, while the inductor component business experienced a remarkable growth of 275.76%, reaching 386 million yuan [2][11][13]. - The company is expanding its production capacity, with plans for a new production base in Huizhou for high-end integrated inductors, funded by a 300 million yuan stock issuance [2][14]. Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 436 million yuan, a year-on-year increase of 43.28%, and a net profit of 89 million yuan, up 33.38% year-on-year [7][11]. - For Q1 2025, revenue was 383 million yuan, a 14.40% increase year-on-year, with a net profit of 74 million yuan, up 3.13% year-on-year [7][11]. Business Segments - The metal soft magnetic powder business generated approximately 39.94 million yuan in revenue, reflecting a 47.31% year-on-year growth, with plans for a new production base to achieve an annual capacity of 6,000 tons by 2025 [2][11][14]. - The company’s product system and revenue structure have been further improved, mitigating the impact of cyclical fluctuations in downstream industries on overall performance [14]. Research and Development - The company invested approximately 117 million yuan in R&D in 2024, a 56.78% increase year-on-year, representing 7.04% of total revenue [3][15]. - The company plans to distribute a cash dividend of 2 yuan per 10 shares, totaling approximately 57.68 million yuan, which is 15.35% of the net profit for 2024 [3][15]. Financial Projections - Revenue projections for 2025-2027 are estimated at 2.08 billion yuan, 2.61 billion yuan, and 3.15 billion yuan, with year-on-year growth rates of 25.1%, 25.6%, and 20.6% respectively [4][17]. - Net profit projections for the same period are 465 million yuan, 585 million yuan, and 707 million yuan, with growth rates of 23.7%, 25.9%, and 20.8% respectively [4][17].