POCO(SZ:300811) Hua Yuan Zheng Quan·2025-05-06 00:45Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's performance meets expectations, with chip inductors continuously benefiting from the AI industry's prosperity [6] - The company achieved a revenue of 1.663 billion RMB in 2024, representing a year-on-year growth of 43.54%, and a net profit of 376 million RMB, with a year-on-year increase of 46.90% [8] - The company is expected to maintain strong growth in the coming years, with projected net profits of 468 million RMB in 2025 and 579 million RMB in 2026, reflecting growth rates of 24.69% and 23.49% respectively [8] Financial Performance Summary - In 2024, the company reported a revenue of 1.663 billion RMB, with a gross margin of 40.7% and a net margin of 22.5% [8][10] - The first quarter of 2025 saw a revenue of 383 million RMB, a year-on-year increase of 14.4% [8] - The company is expected to achieve revenues of 2.041 billion RMB in 2025, with a year-on-year growth rate of 22.75% [7] Profitability and Valuation - The projected earnings per share (EPS) for 2025 is 1.62 RMB, with a price-to-earnings (P/E) ratio of 24.90 [7][10] - The return on equity (ROE) is expected to be 17.12% in 2025, indicating strong profitability [10] - The company is positioned in a high-growth sector, with chip inductors expected to drive significant revenue contributions [8] Growth Potential - The company is expanding its production capacity and has initiated a project for a high-end metal soft magnetic materials and components production base in Thailand [8] - The chip inductor segment is anticipated to become a new growth driver, with revenue contributions projected to increase significantly in the coming years [8]