Appo(SH:688007) Tianfeng Securities·2025-05-01 14:23Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company achieved a total revenue of 2.419 billion yuan in 2024, representing a year-on-year increase of 9.27%, while the net profit attributable to the parent company was 28 million yuan, down 72.91% year-on-year [1] - The company's vehicle-mounted optical business has entered a phase of intensive mass production, generating revenue of 638 million yuan in 2024, with a year-on-year growth of 64.03% in Q1 2025 [2][3] - The company is actively expanding into emerging applications in the laser industry, showcasing innovative products at major exhibitions [2] Financial Performance - In 2024, the company's gross margin was 28.31%, a decrease of 6.85 percentage points year-on-year, while the net margin was -0.24% [2] - The company plans to distribute a cash dividend of 0.25 yuan per share to all shareholders, with a payout ratio of 40.86% [1] - The projected net profits for 2025, 2026, and 2027 are 797.6 million yuan, 1.21 billion yuan, and 1.66 billion yuan, respectively, with corresponding P/E ratios of 81.2x, 53.5x, and 39x [3] Business Segments - The cinema business generated nearly 570 million yuan in revenue in 2024, while the professional display business achieved 392 million yuan, with overseas markets contributing approximately 140 million yuan, a year-on-year increase of 60.47% [2] - The company has secured 13 vehicle-mounted designations, covering products such as automotive projection systems and laser projection lights [2] - The company has entered into a strategic partnership with Valeo to launch a new generation of automotive lighting solutions [2] Cost Structure - The company's sales, management, R&D, and financial expense ratios for 2024 were 7.71%, 6.75%, 10.24%, and -0.42%, respectively [3] - The company has increased its R&D investment by nearly 9 million yuan year-on-year [3]