灿勤科技：加速成长-20250428

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 increase of 53.27% year-on-year, with net profit attributable to shareholders rising by 55.48% to 22.66 million yuan [4][5] - The company is benefiting from a shift in product structure that has improved gross margins, driven by the development of new products and expansion into new markets [5] - The introduction of 5G-A technology is expected to enhance the company's market position, particularly in the production of dielectric waveguide filters, which are advantageous over traditional metal cavity filters [6][8] Financial Summary - The company achieved a revenue of 4.11 billion yuan in 2024, with projected revenues of 6.2 billion yuan in 2025, 9 billion yuan in 2026, and 13 billion yuan in 2027 [10][13] - The net profit attributable to shareholders is expected to grow from 120.07 million yuan in 2025 to 252.95 million yuan in 2027, reflecting a strong growth trajectory [10][13] - The company's P/E ratios for 2025, 2026, and 2027 are projected to be 84, 53, and 40 respectively, indicating a favorable valuation outlook [10][13]