Investment Rating - The report maintains a "Buy-A" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [1][7]. Core Views - The report highlights that unfavorable factors are gradually dissipating, leading to a key inflection point in the company's performance in Q1 2025 [1][3]. - The company experienced a significant revenue growth of 44.61% year-on-year in Q1 2025, alongside a 39.99% increase in net profit [3][4]. - The report anticipates steady revenue growth for the company, projecting revenues of 6.53 billion, 7.97 billion, and 9.63 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 1.23 billion, 1.45 billion, and 1.78 billion yuan [7][9]. Financial Performance Summary - In 2024, the company achieved an operating revenue of 534 million yuan, a year-on-year increase of 9.77%, but a net profit decline of 34.44% to 85 million yuan [3][9]. - For Q1 2025, the company reported an operating revenue of 145 million yuan, with a basic earnings per share (EPS) of 0.23 yuan, reflecting a 35.29% year-on-year increase [3][4]. - The gross profit margin and net profit margin for 2024 were 41.06% and 16.57%, respectively, showing a decline compared to the previous year, while Q1 2025 saw improvements in both margins [4][9]. Production and Capacity Expansion - The company is actively advancing its production base construction projects, including the completion of the "South China Headquarters Intelligent Manufacturing Center" and "South China Headquarters R&D Center" [5]. - The ongoing construction of the Kunshan Weikang high-end precision connector production project and the Thailand production base is expected to enhance production capacity and product line diversity [5]. Future Projections - The company is projected to achieve revenue growth rates of 22.2%, 22.0%, and 20.9% for the years 2025, 2026, and 2027, respectively [7][9]. - The expected EPS for the years 2025, 2026, and 2027 are 1.12 yuan, 1.32 yuan, and 1.62 yuan, with corresponding price-to-earnings (P/E) ratios of 35.4X, 30.1X, and 24.6X [7][9].
维峰电子（301328）：不利因素预期逐渐消散，2025Q1公司业绩迎来关键拐点