灿勤科技（688182）：加速成长

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company has shown robust growth with a revenue of 411 million yuan in 2024, representing a year-on-year increase of 11.09%. The net profit attributable to shareholders reached 57.79 million yuan, up 23.66% year-on-year, while the net profit excluding non-recurring items increased by 66.31% to 33.44 million yuan [4][5] - In Q1 2025, the company reported a revenue of 125 million yuan, a significant year-on-year growth of 53.27%, with net profit attributable to shareholders at 22.66 million yuan, up 55.48% [4][5] - The company is benefiting from a shift in product structure, which has led to an increase in gross margins. The revenue from filter products, non-filter products, and HTCC was 353 million yuan, 41 million yuan, and 14 million yuan respectively, with gross margins of 26.57%, 48.40%, and 46.78% [5] Company Overview - The latest closing price of the company's stock is 25.33 yuan, with a total market capitalization of 10.1 billion yuan. The company has a total share capital of 400 million shares and a debt-to-asset ratio of 15.0% [3] - The company is focused on the development of medium waveguide filters, which are expected to see increased demand with the advancement of 5G-A technology. This technology is anticipated to enhance user experience significantly compared to existing 5G [6][8] - The HTCC product line is expanding, with the company developing various applications in new energy, semiconductors, and consumer electronics. The company has established a complete automated production line for HTCC products [9] Financial Projections - The company is projected to achieve revenues of 620 million yuan, 904 million yuan, and 1.3 billion yuan in 2025, 2026, and 2027 respectively. The net profit attributable to shareholders is expected to reach 120 million yuan, 190 million yuan, and 253 million yuan in the same years [10][13] - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are estimated to be 84 times, 53 times, and 40 times respectively, indicating a strong growth outlook [10][13]