GREAT MICROWAVE(688270) 申万宏源证券·2025-04-25 03:43Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's Q1 2025 performance exceeded market expectations, with revenue of 73 million yuan, a year-on-year increase of 34.8%, and a return to profitability with a net profit of 22 million yuan [1][3] - The demand in specialized fields is expected to drive rapid revenue growth in 2025, supported by the completion of multiple chip products in 2024 and increased investment in satellite internet markets [8] - The decline in expense ratios has improved profitability, with a gross margin of 87.4% and a net margin increase of 41.47 percentage points year-on-year in Q1 2025 [8] - The company has completed the development of multiple product models in 2024, positioning itself well for growth in 2025 [8] - The company is focused on high-end specialty chips, with three key product lines expected to benefit from accelerating demand in downstream sectors such as satellites and radar [8] - The report forecasts net profits for 2025-2027 at 122 million, 180 million, and 271 million yuan respectively, with corresponding P/E ratios of 76, 51, and 34 [8] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 449 million yuan, with a year-on-year growth rate of 48% [3] - The gross margin is expected to stabilize around 76.2% for 2025, while the net profit margin is anticipated to improve significantly [3] - The company’s R&D expenses are expected to decrease as major costs related to chip production are anticipated to lower [8]