Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company is expected to benefit from industry recovery and is seizing market opportunities, leading to an upward adjustment in revenue forecasts for 2025-2026 from 799 million to 801 million and from 959 million to 970 million respectively. However, net profit forecasts for the same period have been slightly lowered due to ongoing R&D and sales investments [3] - The company achieved a revenue of 645 million in 2024, representing a year-on-year increase of 18.65%, while the net profit was 124 million, down 19.38%. The fourth quarter of 2024 saw a significant revenue increase of 38.50% and a net profit increase of 58.63% [8][3] - The company is focusing on enhancing its product offerings and global presence, with over 5000 products available and a significant portion of revenue coming from overseas markets, which accounted for 66% of total revenue in 2024 [8][3] Financial Summary - Total revenue is projected to grow from 645 million in 2024 to 800.72 million in 2025, with a compound annual growth rate (CAGR) of 24.14% [3] - The net profit is expected to recover from 123.83 million in 2024 to 161.18 million in 2025, reflecting a growth rate of 30.16% [3] - The company's earnings per share (EPS) is forecasted to increase from 1.03 in 2024 to 1.34 in 2025, with a price-to-earnings (P/E) ratio of 35.65 at the current price [3]
百普赛斯（301080）：2024年报&2025年一季报点评：24Q4拐点已过，营收利润逐季同环比提升