Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is actively expanding into the new energy market and developing high value-added new products, with a significant year-on-year growth in non-recurring profit [7] - The company reported a revenue of 286 million yuan for 2024, representing a year-on-year increase of 23.63%, and a net profit of 63 million yuan, up 56.86% year-on-year [7] - The company has adjusted its business classification, leading to significant growth in the automotive window system components, with a revenue increase of 60.54% year-on-year [7] - The company is deepening its partnerships with leading downstream clients, with expectations for the new energy precision component manufacturing project to generate substantial revenue once operational [7] - The company has revised its profit forecasts for 2025 and 2026, with expected net profits of 81 million yuan and 103 million yuan respectively, reflecting a positive outlook for the new energy market [7] Financial Summary - Total revenue is projected to grow from 231.19 million yuan in 2023 to 606.45 million yuan in 2027, with a compound annual growth rate (CAGR) of 23.15% [1][8] - The net profit attributable to the parent company is expected to increase from 39.85 million yuan in 2023 to 128.82 million yuan in 2027, with a CAGR of 25.25% [1][8] - The latest diluted EPS is forecasted to rise from 0.60 yuan in 2023 to 1.94 yuan in 2027 [1][8] - The company’s P/E ratio is projected to decrease from 39.95 in 2023 to 12.36 in 2027, indicating an improving valuation [1][8]
捷众科技：2024年报&2025年一季报点评：积极布局新能源市场与高附加值新品，扣非业绩同比高速增长-20250502