众辰科技（603275）：年报点评报告：产业链布局持续完善，伺服、PLC等业务逐渐起量

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5][3]. Core Views - The company is expected to achieve a total revenue of 676 million yuan in 2024, representing a year-over-year increase of 9.67%. The net profit attributable to the parent company is projected to be 215 million yuan, up 11.79% year-over-year [1]. - The company is expanding its product line and enhancing its integrated solutions to meet the growing demand from industry clients [1][2]. - The company has adjusted its profit forecast for 2025 to 240 million yuan, down from a previous estimate of 360 million yuan, while projecting net profits of 280 million yuan and 330 million yuan for 2026 and 2027, respectively [3]. Financial Performance Summary - In Q1 2025, the company reported total revenue of 150 million yuan, a year-over-year increase of 3.32%, with a net profit of approximately 43.52 million yuan, down 7.83% year-over-year [1]. - The gross margin for 2024 is expected to be 41.23%, a decrease of 1.4 percentage points year-over-year, while the net margin is projected at 31.73%, an increase of 0.55 percentage points year-over-year [1]. - The company’s main business revenue primarily comes from frequency converters and servo systems, which accounted for 98.12% of total revenue in 2024 [2]. Business Development - The company is focusing on diversifying its revenue streams beyond its main business, with significant growth in specialized machines, servo systems, and other products, which saw revenue increases of 39.52%, 35.23%, and 103.16% respectively [2]. - The company is enhancing its production capacity with projects in Wuhu and Shanghai, including the establishment of a high-voltage frequency converter production base [1].