Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 534 million yuan for 2024, a year-on-year increase of 9.77%, while the net profit attributable to shareholders decreased by 34.4% to 85 million yuan. In Q1 2025, the company achieved a revenue of 145 million yuan, a year-on-year growth of 44.6%, and a net profit of 25 million yuan, up 39.99% [4][5] - The company's performance in Q1 2025 exceeded expectations, indicating a clear recovery trend in overall business, with revenue and net profit growth around 40%, marking the highest quarterly revenue growth in the past two years [6] - The company is expected to benefit from emerging fields such as robotics, leveraging its long-term technology and customer base in the industrial control sector, which is anticipated to enhance earnings elasticity and valuation levels [6] Financial Data and Earnings Forecast - For 2025, the company is projected to have a total revenue of 666 million yuan, with a year-on-year growth rate of 24.6%. The net profit is expected to be 128 million yuan, reflecting a growth rate of 49.5% [5][8] - The earnings per share (EPS) for 2025 is estimated at 1.16 yuan, with a projected price-to-earnings (PE) ratio of 32 [5] - The company’s net profit forecasts for 2025-2027 are 128 million yuan, 148 million yuan, and 176 million yuan respectively, with corresponding PE ratios of 32, 28, and 23 [6]
维峰电子（301328）：Q1高增，工控筑底，机器人等新兴领域增长可期