POCO(300811) 民生证券·2025-04-24 06:23Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [6][8]. Core Insights - The company achieved a revenue of 1.663 billion yuan in 2024, representing a year-on-year growth of 43.54%, with a net profit attributable to shareholders of 376 million yuan, up 46.90% year-on-year [3]. - The growth in revenue is driven by the rapid expansion of metal soft magnetic powder cores and chip inductors, with the latter seeing a remarkable revenue increase of 275.76% in 2024 [4]. - The company is positioned as a leader in the metal soft magnetic powder core industry, benefiting from high demand in sectors such as new energy vehicles, photovoltaic, and AI [5][6]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 1.663 billion yuan, with a net profit of 376 million yuan, and a non-recurring net profit of 367 million yuan, reflecting significant growth across all metrics [3][7]. - The gross margin improved to 40.70% in 2024, up 1.09 percentage points year-on-year, indicating enhanced profitability [5]. Business Segments - Metal soft magnetic powder cores generated revenue of 1.234 billion yuan in 2024, a 46.90% increase year-on-year, driven by demand from AI and new energy sectors [4]. - Chip inductors saw revenue of approximately 386 million yuan in 2024, marking a substantial growth of 275.76%, supported by new partnerships with major semiconductor manufacturers [4]. - The company is expanding its production capacity for metal soft magnetic powder, with plans to reach an annual capacity of 6,000 tons by 2025 [4]. Future Projections - The company is expected to achieve net profits of 496 million yuan, 627 million yuan, and 771 million yuan in 2025, 2026, and 2027 respectively, with corresponding PE ratios of 24, 19, and 15 [6][7]. - Revenue growth rates are projected to be 28.4% in 2025, 20.2% in 2026, and 20.0% in 2027, indicating a strong growth trajectory [7].