CRM(SH:688396) Shenwan Hongyuan Securities·2025-05-05 08:44Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [6]. Core Insights - The company has shown significant growth in the automotive electronics sector, with a year-on-year increase of over 150% in net profit for Q1 2025 [1][6]. - Revenue for 2024 is projected at 10,119 million, with a growth rate of 2.2%, while Q1 2025 revenue reached 2,355 million, reflecting an 11.3% increase [2]. - The company is actively expanding its product offerings in automotive electronics, with a focus on high-end applications, increasing the revenue share from 19% in 2023 to 21% in 2024 [6]. Financial Data and Profit Forecast - Total revenue is expected to grow from 10,119 million in 2024 to 14,108 million by 2027, with corresponding growth rates of 2.2%, 13.1%, 12.0%, and 10.0% [2]. - Net profit is forecasted to increase from 762 million in 2024 to 1,211 million by 2027, with a notable 150.7% increase in Q1 2025 [2]. - The company's gross margin is projected to improve slightly from 27.2% in 2024 to 27.9% in 2027 [2]. Market Data - As of April 30, 2025, the closing price of the company's stock was 46.07 yuan, with a market capitalization of 61,159 million [3]. - The company has a price-to-book ratio of 2.7 and a dividend yield of 0.24% [3]. Research and Development - The company is advancing its manufacturing capabilities, with several technology platforms entering risk production, including 0.11um CMOS and 0.15um high-performance BCD [6]. - The automotive electronics segment has seen a 26% year-on-year growth in revenue from power IC products [6].