鸿日达（301285）：2024年报及2025年一季报点评：短期业绩承压，看好散热片及3D打印业务拓展

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 830 million yuan for 2024, representing a year-on-year growth of 15.22%. However, it experienced a net profit loss of 8 million yuan, a decline of 124.43% compared to the previous year [2][4]. - In Q1 2025, the company achieved a revenue of 162 million yuan, with a year-on-year growth of 7.60%, but the net profit was a loss of 12 million yuan, down 376.67% year-on-year [2][4]. - The gross profit margin for 2024 was 19.01%, a decrease of 0.58 percentage points year-on-year, while the net profit margin was -0.91%, down 5.21 percentage points year-on-year [2][4]. Summary by Sections Financial Performance - In 2024, the company’s total revenue was 830 million yuan, with a gross profit of 158 million yuan, resulting in a gross margin of 19% [14]. - The company’s operating costs were 673 million yuan, leading to a net profit of -8 million yuan for the year [14]. - For Q1 2025, the revenue was 162 million yuan, with a gross profit margin of 18.94% [2][4]. Business Segments - The connector business generated revenue of 617 million yuan in 2024, a year-on-year increase of 9.11%, while the component business reached a record high of 174 million yuan, growing 48.77% year-on-year [9]. - The company is focusing on expanding its semiconductor heat sink and 3D printing businesses, which are expected to drive future growth [9]. Future Outlook - The company anticipates significant growth in its semiconductor heat sink business, with plans to expand production lines from 2 to 4-7 by 2025, supported by strong order demand [9]. - The 3D printing segment is expected to enter small-scale production in 2025, contributing to revenue for the first time [9]. - Forecasted net profits for the company are projected to be 94 million yuan in 2025, 200 million yuan in 2026, and 446 million yuan in 2027 [9].