IAT(SZ:300825) KAIYUAN SECURITIES·2025-04-28 14:27Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 971 million yuan in 2024, a year-on-year increase of 13.17%, but a net profit attributable to shareholders of -133 million yuan, a decrease of 469.37% [4][5] - In Q1 2025, the company achieved a revenue of 269 million yuan, a year-on-year increase of 6.51%, with a net profit of 12 million yuan, down 40.23% year-on-year [4] - The report anticipates a gradual recovery in performance due to the gradual realization of automotive parts orders, maintaining the "Buy" rating [4] Financial Performance Summary - In 2024, the company’s revenue was 971 million yuan, with a year-on-year growth of 13.17% [7] - The net profit attributable to shareholders for 2024 was -133 million yuan, reflecting a significant decline of 469.37% [7] - The gross margin and net margin for 2024 were 20.65% and -15.72%, respectively, showing a year-on-year decrease of 13.13 and 19.07 percentage points [5][10] - The company plans to increase its R&D expenditure, which reached 117 million yuan in 2024, a year-on-year increase of 164.96% [5] Future Earnings Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 96 million yuan (-37 million), 145 million yuan (-72 million), and 205 million yuan, respectively [4] - The corresponding EPS for these years is projected to be 0.19 (-0.08), 0.29 (-0.15), and 0.41 yuan per share [4] - The P/E ratios for 2025, 2026, and 2027 are expected to be 49.0, 32.5, and 22.9 times, respectively [4] Strategic Developments - The company has made significant progress in its internationalization strategy, with overseas revenue reaching 111 million yuan, a year-on-year increase of 188.89% [6] - Collaborations include a successful delivery of over 100 electric system kits for the oil-to-electric project with YAMATO and a 470 million yuan procurement contract with AIM [6] - The company is also advancing in AI-enabled automotive design, launching the AI+ automotive styling design product "TAI" in early 2025 [6]