SONAVOX(SH:688533) Minsheng Securities·2025-04-30 12:26Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 26.90 CNY per share [5]. Core Views - The company achieved a revenue of 2.776 billion CNY in 2024, representing a year-on-year growth of 19.32%. The net profit attributable to shareholders was 235 million CNY, up 47.92% year-on-year [1][2]. - The revenue for Q1 2025 was 636 million CNY, showing a year-on-year increase of 6.40% but a quarter-on-quarter decrease of 18.62%. The net profit for Q1 2025 was 27 million CNY, down 53.27% year-on-year and 40.03% quarter-on-quarter [1][2]. - The company is experiencing short-term profit pressure due to several factors, including initial operational challenges at the Hefei factory, overall product price reductions, losses from the Czech factory, and reduced government subsidies [2][3]. Revenue and Profit Analysis - The revenue from the automotive speaker, amplifier, and AVAS businesses in 2024 was 2.050 billion CNY (+10.84%), 534 million CNY (+47.97%), and 121 million CNY (+40.10%) respectively, indicating stable growth in major product sales [2][3]. - The gross profit margin for Q4 2024 was 22.13%, down 3.35 percentage points year-on-year, while the gross profit margin for Q1 2025 was 20.62%, down 3.47 percentage points year-on-year [2][3]. Future Projections - The company is expected to benefit from the electric and intelligent automotive trends, with projected revenues of 3.256 billion CNY, 3.844 billion CNY, and 4.373 billion CNY for 2025, 2026, and 2027 respectively. The net profit attributable to shareholders is projected to be 246 million CNY, 413 million CNY, and 559 million CNY for the same years [5][6]. - The report forecasts an EPS of 1.51 CNY, 2.53 CNY, and 3.43 CNY for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 18, 11, and 8 [5][6].