POCO(300811) Dongxing Securities·2025-04-28 07:32Investment Rating - The report maintains a "Recommended" rating for the company [2][13]. Core Views - The company demonstrated strong growth in 2024, achieving revenue of 1.663 billion yuan, a year-on-year increase of 43.54%, and a net profit of 376 million yuan, up 46.90% [3]. - The chip inductor business has shown explosive growth, with a CAGR of 279% from 2020 to 2024, contributing 23.21% to total revenue in 2024 [4]. - The alloy soft magnetic powder core business remains a pillar, with revenue growth of 20.2% to 1.234 billion yuan in 2024 [5]. - The metal soft magnetic powder business is emerging as a third growth driver, with a significant revenue increase of 47.31% to 39.94 million yuan in 2024 [11]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 1.663 billion yuan and a net profit of 376 million yuan, with basic earnings per share of 1.34 yuan [3]. - The first quarter of 2025 saw steady growth, with revenue of 383 million yuan, a 14.40% increase year-on-year, and a net profit of 74 million yuan, up 3.13% [3]. Business Segments - The chip inductor business is now a significant growth driver, with a revenue increase of 275.76% in 2024, and plans to expand production capacity from 5 million to 10-15 million pieces per month by 2024 [4]. - The alloy soft magnetic powder core business reported a revenue of 1.234 billion yuan in 2024, with production and sales both increasing significantly [5]. - The metal soft magnetic powder business is expected to expand with the establishment of a new factory, aiming for an annual capacity of 6,000 tons [11]. R&D and Competitive Advantage - The company increased its R&D expenditure by 56% to 117 million yuan in 2024, representing 7.04% of revenue, focusing on enhancing its core competitiveness through technological innovation [12]. - The company has established a comprehensive product line in the metal soft magnetic materials sector, benefiting from high industry barriers and strong brand influence [13]. Financial Projections - Revenue projections for 2025-2027 are 2.237 billion yuan, 2.575 billion yuan, and 3.057 billion yuan, respectively, with corresponding net profits of 511 million yuan, 628 million yuan, and 754 million yuan [14]. - The expected EPS for the same period is 1.82 yuan, 2.23 yuan, and 2.68 yuan, with PE ratios of 22.32x, 18.19x, and 15.15x [14].