Leadyo(SH:688135) Tianfeng Securities·2025-05-15 02:05Investment Rating - The investment rating for the company is upgraded to "Accumulate" [7][5]. Core Views - The company's 2024 performance is under pressure, with a reported revenue of 488.13 million yuan, a decrease of 2.97% year-on-year, and a net profit attributable to shareholders of -61.62 million yuan, indicating a shift from profit to loss [1][2]. - The company is actively acquiring and expanding in the special vehicle chip sector, aiming to enhance its long-term growth in the automotive segment [2][4]. - The decline in revenue is attributed to mixed demand in end markets, with some consumer categories seeing growth while others, particularly high-performance and industrial control chips, faced significant declines [2][3]. Financial Summary - Revenue is projected to recover, with estimates of 598.15 million yuan in 2025, reflecting a growth rate of 22.54% [6][12]. - The company expects to achieve a net profit of 100.29 million yuan in 2025, a significant turnaround from the losses in 2024 [6][12]. - The EBITDA is forecasted to increase to 270.36 million yuan in 2025, indicating improved operational efficiency [6][12]. Strategic Developments - The company plans to expand its three-temperature testing capacity to meet the growing demand for high-reliability chips, including those for automotive applications [3][4]. - The acquisition of Guoxin Microelectronics is aimed at strengthening the company's focus on testing services for special chips, enhancing its competitive edge in the integrated circuit testing sector [4][5]. - The company is committed to high-quality development through both organic growth and strategic acquisitions, particularly in the automotive electronics and autonomous driving sectors [3][4].