强瑞技术：公司事件点评报告：业绩表现抢眼，新业务增长强劲-20250506

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Insights - The company has shown impressive performance with strong growth in new business areas, achieving a revenue of 1.127 billion yuan in 2024, a year-on-year increase of 67%, and a net profit of 98 million yuan, up 75% year-on-year [5][10] - In Q1 2025, the company reported a revenue of 317 million yuan, a year-on-year increase of 111%, and a net profit of 12 million yuan, up 184% year-on-year, exceeding expectations [6] - The company is expanding into the robotics sector through a 150 million yuan acquisition of a 51% stake in a brushless motor company, which had a revenue of 90 million yuan in 2024 [7] Summary by Sections Performance Overview - The company achieved a revenue of 3.17 billion yuan in Q1 2025, with a year-on-year growth of 111%, and a net profit of 0.12 billion yuan, reflecting a 184% increase [6] - For 2024, the company reported a total revenue of 11.27 billion yuan, with significant contributions from various sectors: mobile terminals (6.78 billion yuan, +30%), smart automotive (1.23 billion yuan, +182%), AI server equipment (0.65 billion yuan, +135%), and cooling solutions (1.94 billion yuan, +357%) [5] Business Expansion - The company is entering the robotics field by establishing a joint venture focused on rehabilitation and educational robots, alongside the acquisition of a motor company [7] - The company’s core clients in the AI server sector include Huawei, which has been developing liquid-cooled server solutions since 2019 [6] Financial Projections - The forecast for the company's net profit for 2025-2027 is 205 million yuan, 289 million yuan, and 400 million yuan respectively, with corresponding EPS of 2.78, 3.91, and 5.41 yuan [8][10] - The projected revenue growth rates for 2025, 2026, and 2027 are 59.5%, 42.1%, and 38.3% respectively [10]