Megmeet(SZ:002851) Southwest Securities·2025-05-18 00:30Investment Rating - The report does not specify a clear investment rating for the company [1]. Core Insights - The company achieved a revenue of 8.172 billion yuan in 2024, representing a year-on-year growth of 21.0%. However, the net profit attributable to shareholders decreased by 30.7% to 436 million yuan [1][2]. - In Q1 2025, the company reported a revenue of 2.316 billion yuan, a year-on-year increase of 26.5%, while the net profit attributable to shareholders was 107 million yuan, down 22.6% year-on-year [1][2]. - The company maintains a high level of R&D investment, with a R&D expense ratio of 12% in 2024, aimed at strengthening its competitive edge [7]. - The industrial automation business is experiencing rapid growth, with significant increases in revenue from smart appliances and power supply segments [7]. - The network power segment is expected to enter large customer supply chains, with anticipated demand from major clients like NVIDIA starting in the second half of 2025 [7]. Financial Performance Summary - Revenue and Profit Forecast: - 2024: Revenue of 8.172 billion yuan, net profit of 436 million yuan - 2025E: Revenue of 9.917 billion yuan, net profit of 607 million yuan, with a growth rate of 39.16% [2][10]. - 2026E: Revenue of 12.335 billion yuan, net profit of 946 million yuan, with a growth rate of 55.89% [2][10]. - 2027E: Revenue of 15.408 billion yuan, net profit of 1.612 billion yuan, with a growth rate of 70.35% [2][10]. - Key Financial Ratios: - EPS is projected to increase from 0.80 yuan in 2024 to 2.95 yuan in 2027 [2]. - ROE is expected to rise from 7.50% in 2024 to 18.53% in 2027 [2]. Business Segment Performance - Smart Appliances: Revenue of 3.737 billion yuan in 2024, with a growth rate of 42.7% [9]. - Industrial Custom Power: Revenue of 2.353 billion yuan in 2024, with a growth rate of 10.9% [9]. - New Energy and Rail Transit: Revenue of 549 million yuan in 2024, with a decline of 22.7% [9]. - Industrial Automation: Revenue of 627 million yuan in 2024, with a growth rate of 7.34% [9]. Market Position and Strategy - The company is positioned to benefit from high demand in various downstream industries, leveraging its technological advancements in power electronics [7][8]. - The focus on R&D and strategic partnerships with leading clients is expected to drive future growth and market share [7].