Westone(SZ:002268) Soochow Securities·2025-04-30 02:57Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 2.467 billion yuan for 2024, a decrease of 19.71% year-on-year, and a net profit attributable to shareholders of 158.15 million yuan, down 54.65% year-on-year, which aligns with market expectations [2] - In Q1 2025, the company achieved a revenue of 148 million yuan, an increase of 15.68% year-on-year, with a net loss of 135 million yuan, which is a 30.40% reduction in loss year-on-year, also meeting market expectations [2] - The company is focusing on high-quality development and aims to reshape its growth logic from "scale expansion" to "value creation" [8] Financial Summary - The total revenue forecast for 2024 is 2.467 billion yuan, with a projected increase to 2.843 billion yuan in 2025, and further growth to 3.276 billion yuan in 2026 and 3.776 billion yuan in 2027 [1][9] - The net profit attributable to shareholders is expected to recover from 158.15 million yuan in 2024 to 201.71 million yuan in 2025, 264.88 million yuan in 2026, and 365.05 million yuan in 2027 [1][9] - The earnings per share (EPS) is projected to be 0.19 yuan in 2024, increasing to 0.24 yuan in 2025, 0.31 yuan in 2026, and 0.43 yuan in 2027 [1][9] - The company aims to enhance its market analysis and resource allocation to improve its competitive edge in the market [8]