Shenzhen Honor Electronic (300870) 长城证券·2025-04-23 12:36Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [5][17]. Core Insights - The company achieved record-high revenue in 2024, with total revenue reaching 3.798 billion yuan, a year-on-year increase of 32.32%. The net profit attributable to shareholders was 268 million yuan, up 36.92% year-on-year [2][4]. - The data center power supply business experienced significant growth, with revenue from high-power server power supplies increasing by 536.88% year-on-year, contributing to 53.48% of the data center power supply revenue [3][4]. - The company is recognized as a major domestic manufacturer of data center power supplies, with strong partnerships with leading server manufacturers and internet companies, positioning it well for future growth opportunities in the AI and server industries [3][4]. Financial Summary - Revenue and Profit Forecasts: - 2025: Revenue of 4.597 billion yuan, net profit of 331 million yuan - 2026: Revenue of 5.513 billion yuan, net profit of 458 million yuan - 2027: Revenue of 6.536 billion yuan, net profit of 549 million yuan [4][10]. - Key Financial Ratios: - Return on Equity (ROE) is projected to increase from 10.5% in 2023 to 16.3% in 2027 [10]. - Earnings Per Share (EPS) is expected to rise from 1.84 yuan in 2023 to 5.16 yuan in 2027 [10]. - Profitability Metrics: - Gross margin improved to 21.36% in 2024, with a net margin of 7.06% [2][10].