Ultrapower(SZ:300002) Huachuang Securities·2025-05-14 13:13Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [29]. Core Insights - The company's Q4 2024 performance met expectations, with a revenue of 1.94 billion yuan, a year-over-year increase of 1.5%, and a quarter-over-quarter increase of 33%. However, Q1 2025 showed a decline in performance, with revenue of 1.32 billion yuan, a year-over-year decrease of 11% and a quarter-over-quarter decrease of 32% [1]. - The company anticipates new products to drive revenue growth, with two new SLG products expected to contribute positively in 2025. The existing product line is expected to maintain stable revenue [7]. - The computer business is experiencing accelerated growth, with a revenue of 1.79 billion yuan in 2024, a year-over-year increase of 22% [7]. Financial Summary - Total revenue projections for 2025-2027 are 6.9 billion yuan, 7.8 billion yuan, and 8.6 billion yuan, respectively, with year-over-year growth rates of 6%, 13%, and 11% [3]. - The net profit forecast for 2025-2027 is 1.28 billion yuan, 1.41 billion yuan, and 1.55 billion yuan, with a year-over-year decrease of 11% in 2025, followed by increases in subsequent years [3]. - The company has a target price range of 13.00-15.07 yuan based on its performance and market conditions, with a current price of 11.20 yuan [3].