神驰机电（603109）：公司动态研究报告：认证壁垒，深耕渠道

Investment Rating - The report maintains a "Buy" investment rating for the company [7] Core Insights - The company is expected to benefit from a combination of capacity release, policy incentives, and AI-driven infrastructure growth, which will open up new avenues for growth [2] - The company's competitive advantage lies in its established global certification system, which enhances product competitiveness and facilitates entry into high-end markets [3] - The company has successfully integrated its products into major U.S. retail networks, which has contributed to a significant increase in its gross margin for overseas operations compared to domestic operations [3] - The company's share buyback plan and the increase in the buyback price reflect strong confidence in its future performance [4] Financial Projections - Revenue projections for the company are estimated at 35.46 billion yuan, 45.43 billion yuan, and 54.38 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 1.42 yuan, 2.02 yuan, and 2.42 yuan [7][9] - The company is expected to see a revenue growth rate of 29.4% in 2025, followed by 28.1% in 2026 and 19.7% in 2027 [9] - The gross margin for overseas business is projected to be 32.02% in 2024, significantly higher than the domestic gross margin of 11.91% [3]