CRM(SH:688396) Guoxin Securities·2025-06-12 06:25Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company's revenue in Q1 2025 showed a year-on-year improvement of 11.29%, with a steady increase in the proportion of automotive electronics [1]. - The product and solution segment's revenue for 2024 increased by 10.35%, with automotive electronics' share rising from 19% in 2023 to 21% [2]. - The manufacturing and service segment's revenue for 2024 decreased by 7.72%, but the company is upgrading its process platforms [3]. - The company is expected to achieve net profits of 9.63 billion, 11.84 billion, and 14.60 billion for 2025 to 2027, respectively, with a maintained "Outperform the Market" rating [4]. Summary by Sections Revenue and Profitability - In 2024, the company achieved a revenue of 101.2 billion (YoY +2.2%), but the net profit attributable to the parent company was 6.44 billion (YoY -42.87%) with a gross margin of 27.49% (YoY -5.03 percentage points) [1]. - For Q1 2025, the company reported a revenue of 23.55 billion (YoY +11.29%, QoQ -11.04%) and a net profit of 0.65 billion (YoY -12.5%, QoQ -62.6%) with a gross margin of 25.29% (YoY -1.18 percentage points, QoQ -2.06 percentage points) [1]. Product and Solution Segment - The product and solution segment generated a revenue of 51.53 billion in 2024 (YoY +10.35%), with automotive electronics accounting for 21% of the revenue [2]. - The company expects a 15% growth in MOSFET products and approximately 50% growth in IGBT products for 2025 [2]. Manufacturing and Service Segment - The manufacturing and service segment's revenue for 2024 was 46.88 billion (YoY -7.72%), with ongoing upgrades to process platforms [3]. - Advanced packaging business revenue grew by 44%, and the power packaging business revenue increased by 237% [3]. Research and Development - The company's R&D expenditure in 2024 was 11.67 billion, accounting for 11.53% of revenue, with key projects progressing smoothly [3]. Financial Forecast - The company is projected to achieve revenues of 11.30 billion, 12.68 billion, and 14.01 billion from 2025 to 2027, with net profits expected to rise from 963 million in 2025 to 1.46 billion in 2027 [5].