圣邦股份（300661）：Q1受淡季影响，不断推出新品强化竞争力

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company experienced a revenue of 800 million yuan in Q1 2025, representing an 8% year-on-year increase but a 12% quarter-on-quarter decrease. The net profit attributable to the parent company was 59.77 million yuan, up 10% year-on-year but down 72% quarter-on-quarter. The non-recurring net profit was 33.96 million yuan, down 33% year-on-year and down 83% quarter-on-quarter [4][5] - The company is expanding its product offerings, having launched over 700 new products last year, including ultra-low power operational amplifiers and high-precision current detection amplifiers, which are applicable in various fields such as industrial control, automotive, communication, consumer electronics, and medical [6] - The semiconductor localization trend is expected to be a long-term and certain development, with the company steadily advancing along the growth path of analog companies [6] Financial Summary - In 2024, the company is projected to achieve a revenue of 3.347 billion yuan, a year-on-year increase of 28%. The net profit attributable to the parent company is expected to be 500 million yuan, up 78% year-on-year [9] - For the years 2025 to 2027, the projected net profits are 600 million yuan, 864 million yuan, and 1.138 billion yuan, respectively, with corresponding EPS of 1.27 yuan, 1.82 yuan, and 2.40 yuan [7][9] - The report indicates a gross margin of 51.5% for 2024, with a slight decrease to 50.3% in 2025, and a return on equity (ROE) of 10.9% in 2024, expected to rise to 16.0% by 2027 [9][12]