Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Insights - The company achieved a turnaround in its financial performance for the year 2024, reporting a revenue of 447 million yuan, a year-over-year increase of 21.41%, and a net profit of 22 million yuan, marking a return to profitability [5][8] - The company has diversified its business across multiple sectors, which is expected to create significant growth opportunities [8] Financial Performance and Forecast - Revenue and profit projections for the company are as follows: - Total revenue is expected to grow from 368 million yuan in 2023 to 869 million yuan by 2027, with a compound annual growth rate (CAGR) of approximately 25.5% [7][10] - Net profit is projected to increase from a loss of 4 million yuan in 2023 to 121 million yuan in 2027, reflecting a significant recovery and growth trajectory [7][10] - Earnings per share (EPS) is forecasted to rise from -0.03 yuan in 2023 to 0.80 yuan in 2027 [7] Business Segmentation - The company's revenue breakdown for 2024 shows: - Laser revenue of 301 million yuan, up 26.90% year-over-year - Customized laser module revenue of 84 million yuan, up 12.28% year-over-year [8] - Revenue from the consumer electronics sector and other industries such as semiconductors and renewable energy contributed significantly to the overall growth, with respective year-over-year increases of 22.61% and 27.52% [8] Profitability Metrics - The company maintained a high gross margin of 44.01% in 2024, an increase of 0.8 percentage points from the previous year [8] - The gross margin for laser products was reported at 49.97%, while customized laser modules had a gross margin of 34.65% [8] Strategic Initiatives - The company is focusing on innovation across various sectors, including: - Development of laser solutions for consumer electronics, semiconductors, photovoltaics, Micro LED, superhard materials, and biomedical applications [8] - The company has successfully established a production line for Micro LED technology and is actively engaging in projects related to high-power laser technology [8]
英诺激光（301021）：全年业绩扭亏为盈，多业务布局打造成长空间