ETERN(SH:600105) Minsheng Securities·2025-04-24 06:32Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Insights - The company demonstrated stable overall performance in 2024, with a revenue of 4.111 billion yuan, a year-on-year decrease of 5.4%, while achieving a net profit attributable to shareholders of 61 million yuan, a year-on-year increase of 42% [1][2]. - In Q1 2025, the company reported a revenue of 878 million yuan, a year-on-year increase of 7.5%, and a net profit attributable to shareholders of 290 million yuan, a significant year-on-year increase of 960.6% [1][3]. - The investment income significantly boosted the company's profits in Q1 2025, primarily due to equity method recognition of investment income from joint venture Dongchang Investment, amounting to 292 million yuan [3]. Summary by Sections Business Performance - The company's revenue from the optical communication segment reached 1.116 billion yuan in 2024, up 35.6% year-on-year, with a gross margin of 16.60%, an increase of 3.26 percentage points [2]. - The automotive wiring harness segment saw a revenue of 1.206 billion yuan, down 13.7% year-on-year, with a gross margin of 13.18%, a decrease of 1.03 percentage points [2]. - The power engineering segment's revenue was 1.041 billion yuan, down 30.0% year-on-year, with a gross margin of 19.08%, a decrease of 1.02 percentage points [2]. - The superconducting and copper conductor segment achieved a revenue of 586 million yuan, up 33.3% year-on-year, with a gross margin of 10.60%, a decrease of 4.66 percentage points [2]. Future Outlook - The company is deepening its layout in cutting-edge fields such as optical chips and superconductors, with significant future growth potential [3]. - The company expects net profits attributable to shareholders for 2025-2027 to be 361 million, 161 million, and 203 million yuan, respectively, with corresponding PE multiples of 26X, 58X, and 46X [4][5].