Dongguan Aohai Technology (002993) 开源证券·2025-04-24 02:44Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 6.423 billion yuan in 2024, representing a year-on-year increase of 24.14%. The net profit attributable to the parent company was 465 million yuan, up 5.43% year-on-year [4] - In Q1 2025, the company achieved a revenue of 1.442 billion yuan, a year-on-year increase of 5.79%, but a quarter-on-quarter decrease of 23.19%. The net profit attributable to the parent company was 125 million yuan, up 1.70% year-on-year, but down 24.09% quarter-on-quarter [4] - The company is expanding into new sectors such as automotive, servers, photovoltaic energy storage, and robotics, which are expected to drive future growth [4] Financial Performance Summary - In 2024, the company achieved a revenue of 64.23 billion yuan, with a gross margin of 19.84% and a net margin of 7.32% [4] - The projected net profits for 2025, 2026, and 2027 are 626 million yuan, 812 million yuan, and 1.021 billion yuan respectively, with corresponding P/E ratios of 15.1, 11.6, and 9.3 [4][7] - The company’s revenue is expected to grow at a compound annual growth rate (CAGR) of 31.8% from 2024 to 2025 [7] Business Expansion and New Opportunities - The company is a leader in the consumer electronics charging sector, holding nearly 18% of the global smartphone charger market share. The revenue from the charging business in 2024 was 49.32 billion yuan, a year-on-year increase of 24.57% [5] - In the automotive sector, the company has established a comprehensive solution for electronic control and power systems, serving over 30 major manufacturers and adapting to more than 100 vehicle models [6] - The company is also developing a full-stack energy solution in the photovoltaic energy storage sector and has introduced high-efficiency power supplies for server applications [6]