Investment Rating - The report assigns an "Accumulate" rating for the company, indicating an expectation that the stock will outperform the market index by 5%-15% over the next six months [4][6]. Core Insights - The company reported a significant increase in revenue and profit for 2024, with total revenue reaching 826 million yuan, a year-on-year growth of 26.5%, and a net profit of 138 million yuan, up 21.24% [4]. - In Q1 2025, the company continued to show strong growth, achieving revenue of 240 million yuan, a 48.05% increase year-on-year, and a net profit of 40 million yuan, up 41.6% [4]. - The company's actuator business experienced substantial growth, with sales increasing by 55.40% in 2024, contributing to 39.6% of total revenue [4]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 826 million yuan and a net profit of 138 million yuan, with a gross margin of 32.87% in Q1 2025 [4][5]. - The company forecasts earnings per share of 1.11 yuan and 1.34 yuan for 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 22 and 18 [4][5]. Product Segments - The sales revenue for sensor products was 295 million yuan in 2024, with a gross margin of 49.64%, while controller products generated 199 million yuan with a gross margin of 18.22% [4]. - The actuator segment's revenue reached 327 million yuan in 2024, with a gross margin improvement of 2.3 percentage points to 25.61% [4]. Cost Structure - The total operating costs for 2024 were 669 million yuan, with a breakdown of operating expenses including sales, management, and R&D costs [5].
开特股份（832978）：2024年年报及2025年一季报点评：25Q1业绩增幅扩大