UNICOMP(SH:688531) Shenwan Hongyuan Securities·2025-04-28 01:43Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a 25.89% year-on-year increase in revenue for 2024, reaching 739 million yuan, and a 25.44% increase in net profit, totaling 143 million yuan. The non-GAAP net profit was 96 million yuan, reflecting a 56.82% year-on-year growth. The gross margin for the year was 43.68%, up by 3.06 percentage points [5][9] - The company is focusing on new production capabilities, with stable growth in revenue and performance. The revenue breakdown for 2024 shows significant contributions from various sectors, including integrated circuits and electronics manufacturing, which generated 332 million yuan (up 40.8% year-on-year) [9] - The company is accelerating the domestic substitution of core components, achieving a 90.02% self-supply rate for integrated circuits and electronics manufacturing and an 84.89% rate for new energy batteries in 2024 [9] - The company is expanding its overseas market presence and exploring acquisition opportunities, including increasing registered capital for its Singapore subsidiary by 8 million USD [9] - The earnings forecast for 2025-2027 has been slightly adjusted downwards due to stock incentive costs and increased industry competition, with expected profits of 192 million, 264 million, and 338 million yuan respectively [9] Financial Data and Profit Forecast - The total revenue for 2024 is projected at 739 million yuan, with a year-on-year growth rate of 25.9%. The net profit for 2025 is expected to be 192 million yuan, reflecting a 34% increase [7] - The gross margin is expected to remain stable, with projections of 44.7% for 2025 and gradually increasing to 46.1% by 2027 [7] - The price-to-earnings ratio (PE) is projected to be 41 for 2025, decreasing to 23 by 2027, indicating a favorable valuation trend [9]