Kewell(SH:688551) Huaan Securities·2025-05-12 07:27Investment Rating - The report maintains a "Buy" rating for the company, projecting significant growth potential in the coming years [7]. Core Insights - The company reported a revenue of 478 million yuan for 2024, a year-over-year decrease of 9.58%, with a net profit attributable to shareholders of 49 million yuan, down 58.10% year-over-year [4]. - The company has seen a year-over-year increase in its order backlog, indicating strong future growth potential [6]. - The company is focusing on innovation and product iteration, with R&D expenses amounting to 79 million yuan, representing 16.5% of revenue [7]. Financial Performance - For 2024, the company achieved a gross margin of 45.00%, which is a decrease of 8.87 percentage points year-over-year [4]. - The revenue for Q4 2024 was 101 million yuan, reflecting a significant decline of 41.95% year-over-year [4]. - The company expects revenues to grow to 615 million yuan in 2025, representing a year-over-year increase of 28.6% [10]. Business Segments - The testing power segment generated 365 million yuan in revenue for 2024, a slight increase of 0.86% year-over-year, with a gross margin of 44.17% [6]. - Hydrogen energy revenue was reported at 95 million yuan, down 15% year-over-year, with a gross margin of 46.86% [6]. - The power semiconductor segment saw a significant decline in revenue, down 71% year-over-year, with a gross margin of 44.16% [6]. Future Projections - The company forecasts net profits of 88 million yuan, 116 million yuan, and 141 million yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 25, 19, and 16 [7][10]. - The gross margin is expected to stabilize around 43.1% from 2026 onwards [10].