Appo(SH:688007) Changjiang Securities·2025-05-18 15:15Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company achieved a revenue of 2.419 billion yuan in 2024, representing a year-on-year growth of 9.27%. However, the net profit attributable to shareholders decreased by 72.91% to 27.95 million yuan [2][4]. - The fourth quarter of 2024 saw a revenue of 699 million yuan, a year-on-year increase of 24.21%, while the net profit was -14.99 million yuan, indicating a reduction in losses [2][4]. - In the first quarter of 2025, the company reported a revenue of 461 million yuan, a growth of 3.67%, but the net profit attributable to shareholders fell by 147.95% to -21.36 million yuan [2][4]. Summary by Sections Revenue and Profitability - The company’s revenue for 2024 was 2.419 billion yuan, with a 9.27% increase year-on-year. The core components and complete machine business grew by 11.48%, primarily due to the ramp-up of the automotive optical business, which generated 638 million yuan in revenue [11]. - The gross profit margin decreased by 6.85 percentage points in 2024 due to strategic adjustments in the consumer segment and an increase in the proportion of lower-margin automotive business [11]. Business Segments - The automotive optical business is entering a rapid growth phase, with significant orders from well-known domestic and international automotive companies. The first quarter of 2025 saw this segment achieve a revenue of 78.78 million yuan, a year-on-year increase of 64.03% [11]. Financial Forecast - The company forecasts net profits attributable to shareholders of 120 million yuan, 178 million yuan, and 211 million yuan for 2025, 2026, and 2027, respectively [11].