Investment Rating - The investment rating for the company is "Buy" with a target price of 79.28 RMB [7][8]. Core Views - The company has signed significant contracts totaling 434 million RMB for 2025, indicating strong revenue growth potential. This is an increase from the previous year's total revenue of 400 million RMB [1]. - The company is expected to see accelerated order growth in 2025, driven by new product launches and increased customer demand [3][4]. - The company's revenue and net profit forecasts for 2025, 2026, and 2027 have been raised by 10%, 10%, and 6% respectively, reflecting a positive outlook on order volume and profitability [4]. Summary by Sections 1Q25 Review - In the first quarter of 2025, the company reported revenue of 88 million RMB, a year-over-year increase of 291.8%, and a net profit of 44 million RMB, up 2869.2% year-over-year. This performance aligns with prior forecasts [2]. 2025 Outlook - The impact of tariffs on the company is expected to be limited, as nearly 100% of its revenue comes from domestic customers. The supply chain is primarily supported by non-US suppliers [3]. - New product orders, including a cost-effective six-axis IMU chip for the civilian market, are anticipated to ramp up in 2025, enhancing the company's product portfolio [3]. Profit Forecast and Valuation - The company’s revenue projections for 2025, 2026, and 2027 are now set at 6.68 billion RMB, 9.47 billion RMB, and 12.57 billion RMB respectively. The net profit estimates for the same years have been adjusted to 360 million RMB, 450 million RMB, and 580 million RMB [4][6]. - The target price has been revised to 79.28 RMB, reflecting a 20% premium over comparable company valuations [4].
芯动联科（688582）：再签大额订单，业绩有望加速兑现