Kewell(SH:688551) Huaan Securities·2025-05-12 07:45Investment 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-on-year decrease of 9.58%, with a net profit attributable to shareholders of 49 million yuan, down 58.10% year-on-year [4]. - The company has seen a year-on-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 Summary - For 2024, the company achieved a revenue of 478 million yuan, with a gross margin of 45.00%, down 8.87 percentage points year-on-year [4]. - The company expects revenues to grow to 615 million yuan in 2025, with a projected year-on-year growth of 28.6% [10]. - The net profit for 2025 is estimated to be 88 million yuan, reflecting a significant recovery from the previous year [10]. Business Segment Analysis - The testing power segment generated 365 million yuan in revenue for 2024, a slight increase of 0.86% year-on-year, with a gross margin of 44.17% [6]. - Hydrogen energy revenue was reported at 95 million yuan, down 15% year-on-year, with a gross margin of 46.86% [6]. - The power semiconductor segment saw a significant decline, with revenue of 16 million yuan, down 71% year-on-year [6]. Future Projections - The company forecasts net profits of 88 million yuan in 2025, 116 million yuan in 2026, and 141 million yuan in 2027, with corresponding P/E ratios of 25, 19, and 16 [7][10]. - Revenue is expected to reach 863 million yuan by 2027, with a projected growth rate of 12.7% [10].