MeiG(SZ:002881) SINOLINK SECURITIES·2025-04-28 05:23Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [6][13]. Core Insights - The company achieved significant revenue growth in 2024, with total revenue reaching 2.941 billion RMB, a year-on-year increase of 36.98%. The net profit attributable to shareholders was 136 million RMB, up 110.64% year-on-year [3]. - In Q1 2025, the company reported revenue of 999.7 million RMB, reflecting a 73.57% year-on-year growth, and a net profit of 46 million RMB, which is a staggering increase of 616.02% compared to the same period last year [3]. - The company's strategy of dual-driven development through modules and solutions has led to a balanced growth across various sectors, including smart vehicles and AI+IoT applications, contributing to a net profit margin of 4.57% in 2024, an increase of 1.65 percentage points year-on-year [4]. Revenue and Profit Forecast - The company is projected to achieve revenues of 3.958 billion RMB, 4.939 billion RMB, and 5.926 billion RMB for the years 2025, 2026, and 2027, respectively. Corresponding net profits are expected to be 206 million RMB, 287 million RMB, and 359 million RMB, with price-to-earnings ratios of 58, 41, and 33 times [6][11].