QI AUTOMOTIVE CO.(BJ:837242) KAIYUAN SECURITIES·2025-05-04 10:00Investment Rating - The investment rating for the company is "Buy" (maintained) [5][14] Core Views - The company reported a revenue of 752 million yuan in 2024, representing a year-on-year growth of 34.71%, and a net profit attributable to shareholders of 106 million yuan, up 52.91% [5] - In Q1 2025, the company achieved a revenue of 175 million yuan, a 22.51% increase, and a net profit of 18.69 million yuan, reflecting a growth of 49.72% [5] - The company is expected to continue expanding its overseas market and enhancing its product development, leading to projected net profits of 115 million yuan, 133 million yuan, and 161 million yuan for 2025, 2026, and 2027 respectively [5] Financial Performance - The total revenue for 2024 is projected to be 752 million yuan, with a year-on-year growth of 34.7% [8] - The net profit for 2024 is expected to be 107 million yuan, with a year-on-year increase of 52.9% [8] - The gross margin is expected to be around 30% for 2024, with a net margin of 14.2% [11] Sales and Market Expansion - The automotive electronics segment is projected to achieve a revenue of 723.3 million yuan in 2024, marking a significant growth of 107.15% [6] - Domestic revenue is expected to grow by 46.43% to 349 million yuan, while overseas revenue is projected to reach 403 million yuan, a 25.96% increase [6] Research and Development - The company is increasing its investment in R&D for integrated hardware and software products, with 8 new patents and 49 software copyrights added in 2024 [7] - The establishment of a production base in Thailand is underway, focusing on the manufacturing of automotive components [7] Valuation Metrics - The projected earnings per share (EPS) for 2025 is 1.75 yuan, with a price-to-earnings (P/E) ratio of 18.9 [8] - The company’s return on equity (ROE) is expected to be 16.0% in 2025, indicating strong profitability [8]