MeiG(SZ:002881) HTSC·2025-04-29 08:55Investment Rating - The report maintains a rating of "Buy" for the company [8] Core Views - The company achieved a record high revenue of 2.941 billion RMB in 2024, representing a year-on-year growth of 37%, with a net profit attributable to shareholders of 136 million RMB, up 110% year-on-year [1][2] - In Q1 2025, the company reported revenue of 999.7 million RMB, marking a historical high for a single quarter, with a year-on-year increase of 74% and a net profit of 46 million RMB, reflecting a significant growth of 616% year-on-year [1][2] - The report expresses optimism about the company's growth opportunities in FWA, automotive, and edge AI sectors, leading to the maintained "Buy" rating [1][5] Revenue and Profitability - In 2024, the company's revenue from wireless communication modules and solutions was 2.808 billion RMB, a 37% increase year-on-year, with domestic revenue reaching 2.138 billion RMB, up 43% year-on-year [2] - The overall gross margin for 2024 was 17%, down 2 percentage points year-on-year, while Q1 2025 gross margin was 15%, down 1 percentage point year-on-year, attributed to changes in revenue structure [3] Market Demand and Future Outlook - The report anticipates a continued recovery in market demand, particularly in FWA and automotive sectors, which is expected to drive rapid growth in the company's performance [4] - The company is actively expanding its presence in smart modules and computing modules, with significant investments in 5G smart cockpit modules and high-performance AI modules [4] Financial Forecasts - The report revises upward the net profit forecasts for 2025 and 2026 to 181 million RMB and 229 million RMB respectively, with a target price set at 51.93 RMB, reflecting a price-to-earnings ratio of 75x for 2025 [5][7]