MeiG(SZ:002881) KAIYUAN SECURITIES·2025-05-12 07:55Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved rapid growth in its performance, with a significant increase in revenue and net profit in both 2024 and Q1 2025, indicating strong operational momentum [4][5] - The company is recognized as a leading player in the domestic smart module market, with positive prospects in AIOT, 5G, and smart automotive sectors [4][5] - The financial forecasts for 2025-2027 have been slightly adjusted upwards, with expected net profits of 190 million, 258 million, and 350 million respectively, reflecting a robust growth trajectory [4][7] Financial Performance Summary - In 2024, the company achieved a revenue of 2.941 billion, a year-on-year increase of 36.98%, and a net profit of 136 million, up 110.16% [4] - For Q1 2025, revenue reached 997 million, growing 73.57% year-on-year, with a net profit of 46 million, a staggering increase of 616.02% [4] - The company’s revenue from domestic and overseas markets was 2.138 billion and 803 million respectively in 2024, with year-on-year growth of 43.39% and 22.40% [5] Business Growth Drivers - The company is experiencing growth across its three main business segments: smart connected vehicles, IoT, and FWA, with successful advancements in overseas markets [5] - The high-performance AI module products are gaining traction, with capabilities ranging from 0.2T to 48T heterogeneous computing power, supporting large model deployments [6] - The company has maintained a leading position in the smart cockpit module market, with significant shipments and partnerships with major automotive manufacturers [6] Financial Metrics and Valuation - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.73, 0.99, and 1.34 respectively, with corresponding price-to-earnings (P/E) ratios of 66.4, 48.8, and 36.0 [7] - The overall gross margin and net margin for 2024 are projected at 17.03% and 4.57%, showing improvements in profitability [5][7] - The company’s total market capitalization is approximately 12.611 billion, with a circulating market value of 8.722 billion [1]