CRM(SH:688396) EBSCN·2025-05-01 07:48Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable long-term growth potential despite short-term challenges [5][3]. Core Insights - The company's revenue for 2024 is projected at 10.119 billion yuan, a year-on-year increase of 2.20%, while the net profit is expected to decline by 48.46% to 762 million yuan [1][2]. - In Q1 2025, the company reported a revenue of 2.355 billion yuan, reflecting an 11.29% year-on-year growth, with a net profit of 83 million yuan, a significant increase of 150.68% [1][2]. - The decline in net profit for 2024 is attributed to intense product price competition, increased R&D investments, and the impact of capacity release and inventory destocking [2][3]. - The automotive electronics segment is becoming increasingly significant, with its revenue share rising from 19% in 2023 to 21% in 2024 [2]. Summary by Sections Financial Performance - The company achieved a revenue of 9.901 billion yuan in 2023, with a projected increase to 10.119 billion yuan in 2024 and further growth to 11.369 billion yuan in 2025 [4][9]. - The net profit for 2023 was 1.479 billion yuan, expected to drop to 762 million yuan in 2024, before recovering to 1.178 billion yuan in 2025 [4][9]. Revenue Breakdown - The revenue distribution for 2024 is as follows: 41% from the new energy sector, 35% from consumer electronics, 15% from industrial equipment, and 9% from communication equipment [2]. Profitability and Valuation - The report forecasts a decline in net profit for 2025 and 2026, with estimates of 1.178 billion yuan and 1.410 billion yuan respectively, before reaching 1.618 billion yuan in 2027 [3][4]. - The company's P/E ratio is projected to decrease from 81 in 2024 to 38 in 2027, indicating a potential improvement in valuation over time [4][12]. Market Position - The company is recognized as a leading domestic supplier of power devices, with a strong brand presence in the domestic market for core products such as power ICs and modules [3][2]. - The automotive electronics sector is highlighted as a key growth area, with the company actively expanding its presence in this field [2][3].