力源信息（300184）：电子元器件仓库

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][6][7]. Core Insights - The company is a leading domestic distributor of electronic components, actively expanding into electric vehicles and AI sectors. It has over 20 years of industry experience and holds agency rights for numerous well-known upstream chip manufacturers. The company has established a silicon carbide laboratory in collaboration with upstream manufacturers and has engaged in various testing and technical cooperation [4]. - In 2024, the company expects revenue, net profit attributable to shareholders, and net profit excluding non-recurring items to reach 7.821 billion yuan, 98.43 million yuan, and 86 million yuan, respectively, representing year-on-year growth of 31.58%, 48.34%, and 58.24% [4][9]. - The company’s revenue streams are diversified, with approximately 20% from the automotive sector, 16% from industrial and new energy clients, and 36% from communication and consumer electronics [4]. Financial Projections - The company is projected to achieve revenues of 10 billion yuan in 2025, 13 billion yuan in 2026, and 17 billion yuan in 2027, with net profits of 142.33 million yuan, 189.64 million yuan, and 242.76 million yuan for the respective years [6][9]. - The expected growth rates for revenue are 27.92% in 2025, 30.08% in 2026, and 30.64% in 2027 [9][12]. - The company’s earnings per share (EPS) are forecasted to be 0.12 yuan in 2025, 0.16 yuan in 2026, and 0.21 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 77.60, 58.24, and 45.49 [9][12].