POCO(SZ:300811) Huaan Securities·2025-05-05 06:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of approximately 1.66 billion yuan for 2024, representing a year-on-year growth of about 43.5%. The net profit attributable to shareholders was approximately 380 million yuan, with a year-on-year increase of about 46.9%. The gross margin was approximately 40.7%, up by about 1.1 percentage points [5] - In Q1 2025, the company achieved a revenue of approximately 380 million yuan, a year-on-year growth of about 14.4%, but a quarter-on-quarter decline of about 12.1%. The net profit attributable to shareholders was approximately 70 million yuan, with a year-on-year increase of about 3.1% and a quarter-on-quarter decline of about 17.3%. The gross margin was 37.7%, down by about 0.2 percentage points year-on-year and down by about 3.2 percentage points quarter-on-quarter [5] - The company plans to increase R&D investment, with an R&D expense ratio of 7.0% in 2024 and expectations for continued increases in 2025. The current R&D expenses are primarily focused on chip inductors, with the fifth-generation iron-silicon products already on the market [6] - The company's three major AI-driven business segments are expected to see significant revenue growth, with capacity likely to continue being released. The metal soft magnetic powder core segment is projected to achieve revenue of 1.23 billion yuan in 2024, a year-on-year increase of 20.2% [6] - The inductor components segment is expected to achieve revenue of 390 million yuan in 2024, a year-on-year increase of 275.8%. The company has entered the supplier lists of several well-known semiconductor manufacturers, laying the groundwork for future mass production [6] - The company anticipates net profits of 492 million yuan, 614 million yuan, and 722 million yuan for 2025, 2026, and 2027, respectively, with a slight downward adjustment for 2025 compared to previous expectations [7] Financial Summary - For 2024, the company expects operating revenue of 1.66 billion yuan, with a year-on-year growth of 43.5%. The net profit attributable to shareholders is projected to be 376 million yuan, with a year-on-year increase of 46.9% [11] - The gross margin is expected to remain stable at around 40.7% for 2025, with a projected net profit of 492 million yuan, reflecting a year-on-year growth of 31.0% [11] - The company’s P/E ratios for 2025, 2026, and 2027 are projected to be 23.71, 19.00, and 16.16, respectively [11]