Investment Rating - The investment rating for the company is "Accumulate" [2] Core Views - The company has experienced significant revenue growth in 2024, with a reported revenue of RMB 46.38 billion, representing a year-on-year increase of 70.62%. However, the net profit attributable to the parent company decreased by 17.21% to RMB 5.01 billion [8] - The company's strategic upgrade to "1+2+X" focuses on core smartphone business, personal computing, and automotive electronics as new growth areas, which are expected to drive future growth [8] Financial Summary - The company’s revenue projections for the upcoming years are as follows: - 2023: RMB 27.19 billion - 2024: RMB 46.38 billion - 2025E: RMB 47.32 billion - 2026E: RMB 54.90 billion - 2027E: RMB 63.22 billion - The growth rates for these years are projected at (7.4)%, 70.6%, 2.0%, 16.0%, and 15.1% respectively [7] - The EBITDA figures are projected to be: - 2023: RMB 748 million - 2024: RMB 433 million - 2025E: RMB 874 million - 2026E: RMB 1.25 billion - 2027E: RMB 1.43 billion [7] - The net profit attributable to the parent company is expected to be: - 2023: RMB 605 million - 2024: RMB 501 million - 2025E: RMB 520 million - 2026E: RMB 819 million - 2027E: RMB 980 million [7] Business Performance - The company’s smartphone business generated RMB 36.13 billion in 2024, a year-on-year increase of 65.58%, while the revenue from the AIoT business surged by 121.99% to RMB 5.57 billion [8] - The gross margin for the AIoT business was reported at 11.28%, despite a year-on-year decline of 9.80 percentage points [8] - The company aims to enhance its product matrix and customer base in the tablet and AIoT sectors, with a focus on high-end products and technology integration [8]
龙旗科技（603341）：2024年营收大幅增长，“1+2+X”战略指引发展方向