圣邦股份（300661）：一季报经营稳健

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - In 2024, the company achieved revenue of 3.347 billion yuan, a year-on-year increase of 27.96%, and a net profit attributable to shareholders of 500 million yuan, a year-on-year increase of 78.17% [5][10]. - In Q1 2025, the company reported revenue of 790 million yuan, a year-on-year increase of 8.30%, and a net profit attributable to shareholders of 60 million yuan, a year-on-year increase of 9.90% [5][10]. - The company is a leading player in the domestic analog chip market, focusing on market and customer needs, and quickly launching products that meet market expectations [10]. - The company has increased its R&D investment, with R&D expenses reaching 871 million yuan in 2024, a year-on-year increase of 18.14%, and R&D personnel accounting for 74.09% of the workforce [10]. - The Jiangyin production base is ready for production, which will support the company's continuous development in high-end fields [10]. - The company aims to become a top brand in the global analog chip industry, with a continuous expansion of product categories and a strong growth outlook [10]. Financial Performance Summary - In 2024, the company's gross margin was 51.46%, up 1.86 percentage points year-on-year [10]. - The revenue from signal chain and power management products was 1.165 billion yuan and 2.182 billion yuan, respectively, with year-on-year increases of 33.99% and 24.95% [10]. - The projected net profits for 2025-2027 are 680 million yuan, 923 million yuan, and 1.257 billion yuan, respectively [10].