生益电子（688183）：深化产品布局驱动增长，强研发重产投凝聚新动能

Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company has significantly turned around its profitability in 2024, with a strong continuation of positive performance into Q1 2025, leading to the sustained "Buy" rating [1][8] - The company is deepening its product layout in various sectors such as wired communication, servers, automotive, and low-orbit satellites, while enhancing R&D investments to drive efficiency and growth [5][8] Financial Summary - The company is projected to achieve revenues of RMB 69.98 billion, RMB 90.73 billion, and RMB 116.11 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of RMB 9.03 billion, RMB 13.28 billion, and RMB 17.67 billion [5][7] - The revenue growth rates are expected to be 49.3% in 2025, 29.7% in 2026, and 28.0% in 2027 [7] - The company reported a significant increase in Q1 2025 revenue to RMB 15.79 billion, a year-on-year increase of 78.55% [8] - The gross margin for 2024 is projected at 22.73%, improving to 29.84% in Q1 2025 [8] Product and R&D Development - The company is actively analyzing industry trends and refining its product structure and regional layout, which has led to a 48.96% increase in server product orders in 2024 [8] - In 2024, the company established 24 R&D projects focusing on high-potential areas such as AI computing, satellite communications, and high-end servers [8] - The company is expanding its production capacity with new projects, including a significant investment in a new production base in Thailand, increasing the planned investment from USD 100 million to USD 170 million [8]