Sino Wealth(300327) 中邮证券·2025-04-24 02:39Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has seen a recovery in the market due to consumer stimulus policies, with increased demand driven by low initial customer inventory and the resumption of foreign sales [6] - The company reported a revenue of 1.343 billion yuan for 2024, a year-on-year increase of 3.32%, while the net profit attributable to shareholders decreased by 28.01% to 134 million yuan [5][6] - The company is focusing on expanding its overseas market for MCU products and has successfully introduced new clients in Europe and Japan [6][7] - The company has increased its R&D investment to 300 million yuan, accounting for 22.35% of its revenue, with a focus on smart home appliance chips and automotive electronics [7] Financial Summary - The company achieved a total chip sales volume of 885 million units in 2024, a nearly 9% increase year-on-year [6] - The gross margin for 2024 was 33.60%, a decrease of 2.01% compared to the previous year, primarily due to intense market competition affecting pricing [6] - Revenue projections for 2025, 2026, and 2027 are estimated at 1.551 billion, 1.824 billion, and 2.004 billion yuan respectively, with net profits expected to be 150 million, 204 million, and 250 million yuan [8][10]