MeiG(SZ:002881) Changjiang Securities·2025-05-02 08:19Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Insights - The company achieved a revenue of 2.941 billion yuan in 2024, representing a year-on-year increase of 36.98%, and a net profit attributable to shareholders of 136 million yuan, up 110.16% year-on-year [4] - In Q1 2025, the company reported a revenue of 999 million yuan, a year-on-year increase of 73.57%, and a net profit of 46 million yuan, reflecting a significant year-on-year growth of 616.02% [4] - The company is focusing on the domestic smart connected vehicle and FWA solutions while targeting the high-end markets in North America and Europe with its 5G-A modules and Redcap product lines [2][10] Financial Performance - The company’s overall business gross margin for 2024 was 17.03%, a decrease of 2.13 percentage points from 2023, primarily due to rising raw material costs and increased R&D expenses [10] - Domestic revenue in 2024 reached 2.138 billion yuan, a year-on-year increase of 43.39%, accounting for 72.70% of total revenue, driven by demand from smart connected vehicles and AI applications [10] - The company’s R&D investment in 2024 was 256 million yuan, focusing on high-performance modules and 5G-A modules, with a leading pace of technological iteration in the industry [10] Future Outlook - The company is expected to achieve net profits attributable to shareholders of 188 million yuan, 274 million yuan, and 384 million yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 38%, 46%, and 40% [10] - The company is projected to maintain a price-to-earnings ratio of 66x, 45x, and 32x for the years 2025, 2026, and 2027 respectively, indicating strong future growth potential [10]