Keli Sensing Technology (Ningbo) (603662)2025-05-20 13:30Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [1][16]. Core Views - The company achieved a revenue of 1.295 billion yuan in 2024, representing a year-on-year growth of 20.79%. However, the net profit attributable to shareholders decreased by 16.62% to 261 million yuan. In Q1 2025, revenue grew by 27.08% to 316 million yuan, with net profit increasing by 75.85% to 76 million yuan [1][3]. - The company is focusing on the "sensor forest" investment layout, with significant growth in its mechanical sensors and instruments segment, which generated 631 million yuan in revenue with a gross margin of 41.81% [1][7]. - The company has made strategic investments in various sectors, including industrial measurement and control, smart logistics, energy environment measurement, and robot sensors, with a total of nine strategic investment projects completed in 2024 [1][7]. Financial Summary - The total revenue forecast for 2025 is 1.53 billion yuan, with a year-on-year growth rate of 18.2%. The net profit is expected to rise to 364 million yuan, reflecting a growth rate of 40% [3][8]. - The earnings per share (EPS) is projected to be 1.30 yuan in 2025, with a price-to-earnings (P/E) ratio of 51 [3][8]. - The company’s total market capitalization is approximately 18.553 billion yuan, with a circulating market value of 18.498 billion yuan [4].