MeiG(SZ:002881) SINOLINK SECURITIES·2025-04-28 05:22Investment Rating - The report maintains a "Buy" rating for the company, expecting significant price appreciation in the next 6-12 months [6][13]. Core Insights - The company achieved substantial revenue growth of 36.98% year-on-year in 2024, reaching RMB 2.941 billion, and a remarkable net profit increase of 110.64%, totaling RMB 136 million [3][4]. - In Q1 2025, the company reported a revenue of RMB 999 million, reflecting a 73.57% year-on-year growth, with a net profit of RMB 46 million, up 616.02% [3]. - The company's strategy focuses on a dual approach of modules and solutions, with increased investments in high-performance AI modules and applications, driving growth across various sectors including smart vehicles and AI+IoT [4][5]. Summary by Sections Financial Performance - In 2024, the company achieved a net profit margin of 4.57%, an increase of 1.65 percentage points year-on-year [4]. - Revenue projections for 2025-2027 are estimated at RMB 3.958 billion, RMB 4.939 billion, and RMB 5.926 billion respectively, with corresponding net profits of RMB 206 million, RMB 287 million, and RMB 359 million [6][11]. Business Strategy - The company is deepening its focus on intelligent module technology, enhancing its capabilities in 4G/5G wireless communication and edge AI applications, which are gaining industry recognition [5]. - The smart connected vehicle segment is experiencing rapid growth, with significant shipments of 5G smart cockpit modules and automotive-grade communication modules [4]. Market Position - The IoT sector is benefiting from both domestic and international demand for AI applications, maintaining stable revenue contributions [4]. - The overall revenue from the Fixed Wireless Access (FWA) sector is slightly expanding, although its revenue share is on a downward trend [4].