Avary Holding(002938) 长江证券·2025-05-01 05:26Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company has positioned itself well in the AI sector, which is expected to drive significant growth in the consumer electronics market. The global AI smartphone shipment is projected to increase from 16% of total smartphone shipments in 2024 to 54% by 2028, with a CAGR of 63% [11]. - The company reported a revenue of 8.087 billion yuan in Q1 2025, representing a year-on-year growth of 20.94%. However, the net profit attributable to the parent company was 488 million yuan, a decrease of 1.83% year-on-year. The gross margin and net margin were 17.83% and 6.01%, respectively, down by 2.54 percentage points and 1.43 percentage points year-on-year [2][4]. Summary by Sections Financial Performance - In Q1 2025, the company achieved an operating income of 80.87 billion yuan, a year-on-year increase of 20.94%. The net profit attributable to the parent company was 4.88 billion yuan, a decrease of 1.83% year-on-year. The gross margin was 17.83%, and the net margin was 6.01%, both showing declines compared to the previous year [2][4]. Market Positioning - The company is strategically positioned to capitalize on the AI trend, focusing on the consumer electronics sector. The introduction of AI functionalities is expected to enhance product offerings and drive market growth [11]. - The company is actively involved in R&D to enhance its product capabilities, particularly in high-end HDI and SLP products, which are crucial for the AI industry [11]. Future Outlook - The company anticipates a stable growth trajectory, with projected net profits of 4.51 billion yuan, 5.07 billion yuan, and 5.91 billion yuan for 2025, 2026, and 2027, respectively. The corresponding price-to-earnings ratios are expected to be 15.27, 13.58, and 11.65 [11].