Investment Rating - The report maintains a "Buy-A" rating for the company, indicating a positive outlook for the stock's performance relative to the benchmark index [1][7]. Core Insights - The company is expected to experience a significant performance turnaround in Q1 2025 as adverse factors dissipate, leading to rapid growth in revenue and net profit [1][3]. - In 2024, the company achieved a revenue of 534 million yuan, a year-on-year increase of 9.77%, but the net profit decreased by 34.44% to 85 million yuan. However, Q1 2025 showed a strong recovery with a revenue of 145 million yuan, up 44.61%, and a net profit of 25.5 million yuan, up 39.99% [3][4]. Financial Performance Summary - For 2024, the company reported a revenue of 534 million yuan, with a slight increase in sales but a significant drop in net profit due to various adverse factors. The revenue from industrial control connectors, automotive connectors, and new energy connectors was 258 million yuan, 139 million yuan, and 131 million yuan respectively, with year-on-year changes of -3.51%, +15.71%, and +39.67% [3][4]. - The gross profit margin and net profit margin for 2024 were 41.06% and 16.57%, respectively, both showing a decline compared to the previous year. In Q1 2025, these margins improved to 40.17% and 18.62% [4][5]. - The company is projected to achieve revenues of 653 million yuan, 797 million yuan, and 963 million yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 123 million yuan, 145 million yuan, and 178 million yuan [7][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." The production capacity for precision connectors is expected to expand significantly, enhancing the company's ability to respond to market demand [5][6].
维峰电子：不利因素预期逐渐消散，2025Q1公司业绩迎来关键拐点-20250512