BOE VARITRONIX(00710) 东北证券·2025-05-26 08:34Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][5]. Core Insights - The company achieved a revenue of HKD 13.449 billion in 2024, a significant increase of 25% year-on-year, primarily driven by the rising demand for electric vehicles and improvements in customer service, quality control, and production capacity [2]. - The automotive display segment is the main revenue contributor, generating HKD 12.66 billion, which is a 30% increase from 2023 and accounts for 94% of total revenue [2]. - The company holds a leading market share in the global automotive display module market, serving the top 20 automotive manufacturers in China and major international players [2][3]. Financial Summary - Revenue projections for 2025, 2026, and 2027 are estimated at HKD 16.048 billion, HKD 18.879 billion, and HKD 21.751 billion, respectively, reflecting growth rates of 19.33%, 17.64%, and 15.21% [4]. - The net profit attributable to the parent company is forecasted to be HKD 516.85 million, HKD 715.32 million, and HKD 875.13 million for 2025, 2026, and 2027, respectively, with corresponding growth rates of 32.09%, 38.40%, and 22.34% [4]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 13.63 in 2024 to 5.28 by 2027, indicating an attractive valuation [4].