OLYMPIC(SH:603920) Tianfeng Securities·2025-04-25 08:23Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 49.95 CNY, indicating an expected relative return of over 20% within six months [6][17]. Core Insights - The company's revenue for 2024 reached 5.02 billion CNY, a year-on-year increase of 11.13%, while the net profit attributable to the parent company was 674.74 million CNY, up 36.17% year-on-year [1]. - In Q1 2025, the company achieved a revenue of 1.22 billion CNY, reflecting a year-on-year growth of 11.33%, and a net profit of 180 million CNY, which is a significant increase of 65.61% year-on-year [1]. - The growth in performance is attributed to the company's strong position as a core supplier for Tesla, particularly in the automotive electronics sector, and its involvement in emerging business areas such as humanoid robots and supercomputing [2][3]. Financial Performance Summary - The company is projected to achieve revenues of 6.29 billion CNY, 8.05 billion CNY, and 10.46 billion CNY for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 894.48 million CNY, 1.18 billion CNY, and 1.52 billion CNY [4][5]. - The EBITDA for 2025 is estimated at 1.34 billion CNY, with a growth rate of 32.57% compared to the previous year [5]. - The company’s R&D expenses in Q1 2025 were 49 million CNY, a year-on-year increase of 23.2%, indicating a commitment to innovation and product development [3]. Strategic Developments - The company is strategically expanding its operations with the construction of a factory in Thailand, which is expected to commence operations by the end of 2025, aimed at reducing trade friction and leveraging cost advantages [3]. - The company has established partnerships with various domestic clients, including Xpeng, NIO, and Li Auto, to develop high-value products in the electric vehicle sector [3]. Market Position - The company is recognized as one of the few PCB manufacturers capable of keeping pace with Tesla's advancements, particularly in the fields of autonomous driving and energy storage [2]. - The report highlights the company's deepening collaboration with Tesla across multiple sectors, including solar energy and energy storage systems, which are expected to drive future growth [2].