MeiG(SZ:002881) GOLDEN SUN SECURITIES·2025-05-02 02:23Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [4][7]. Core Insights - The company achieved record-high performance in 2024, with revenue reaching 2.9 billion yuan, a year-on-year increase of 37%, and a net profit attributable to shareholders of 140 million yuan, up 110% year-on-year [1]. - The growth was driven by strong performance across three main application sectors: intelligent connected vehicles, IoT, and FWA, with the intelligent connected vehicle sector showing particularly high growth [1]. - The company is focusing on R&D investments, particularly in high-performance modules that cater to AI applications, positioning itself to capitalize on the growing demand in the AI industry [3]. Financial Performance - The overall gross margin for 2024 was 17%, a decrease of 2.1 percentage points from the previous year, influenced by product mix changes and currency fluctuations [2]. - The company improved its cost control, reducing the ratio of operating expenses to revenue from 16.3% to 12.3% [2]. - Revenue projections for 2025-2027 are estimated at 4.2 billion, 5.5 billion, and 7.2 billion yuan respectively, with net profits expected to reach 220 million, 359 million, and 489 million yuan [4][6]. Market Position and Growth Potential - The company is recognized as a core player in AI edge modules, with significant growth potential due to its R&D advantages and early market entry in intelligent modules [4]. - The report highlights the company's strategic positioning in the intelligent vehicle sector, which is expected to drive substantial future growth [4].