NEWAY(603699) Huaan Securities·2025-05-11 04:25Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a net profit attributable to shareholders of 1.156 billion yuan in 2024, representing a year-on-year increase of 60.1%. In Q1 2025, the net profit reached 263 million yuan, up 33.52% year-on-year [4][5] - The company's revenue for 2024 was 6.238 billion yuan, a year-on-year increase of 12.5%, while Q1 2025 revenue was 1.556 billion yuan, up 14.44% year-on-year. Domestic sales slightly declined due to industry conditions, but export sales grew significantly [5] - The company has made continuous investments in R&D, with R&D expenses reaching 167 million yuan in 2024, accounting for 2.68% of revenue. This has led to breakthroughs in high-end products across multiple fields [6] - The company has expanded its upstream production capacity and customer base, establishing four foundries and enhancing its product applications in various industries, including clean energy [7] Financial Summary - The company’s revenue projections for 2025-2027 are 7.282 billion, 8.379 billion, and 9.556 billion yuan, respectively. The net profit forecasts for the same period are 1.447 billion, 1.654 billion, and 1.900 billion yuan, respectively [8][10] - The projected EPS for 2025-2027 is 1.88, 2.15, and 2.47 yuan, with corresponding PE ratios of 14.8, 12.9, and 11.3 times [8][10] - The company’s gross margin for 2024 is expected to be 38.1%, with a net profit margin of 18.69% [10]