Investment Rating - The report initiates coverage with a rating of "Accumulate" for the company [6][8]. Core Views - The company, Yuxin Electronics, has experienced significant growth driven by industry upturns and the expansion of new customers and products, leading to a high increase in performance [4][5]. - The company is focusing on innovation and R&D, with strategic plans in the robotics sector, indicating a strong commitment to technological advancement [6]. Company Overview - Yuxin Electronics, established in 2003 and headquartered in Chongqing, specializes in the R&D, manufacturing, and sales of electronic and electrical components for various industries, including general machinery and non-road vehicles [4]. - The company's product categories include general gasoline engine power products, generator power system accessories, and new energy products [4]. Financial Performance - In Q1 2025, the company reported a revenue of 185 million yuan, a year-on-year increase of 94%, and a net profit attributable to shareholders of 25 million yuan, up 280% year-on-year [5]. - The gross margin for Q1 2025 was 26.31%, an increase of 1.82 percentage points year-on-year, while the net margin was 13.30%, up 7 percentage points year-on-year [5]. Growth Forecast - Revenue projections for 2025-2027 are 735 million yuan, 899 million yuan, and 1.025 billion yuan, representing year-on-year growth rates of 34.01%, 22.28%, and 14.00% respectively [6][9]. - The forecasted net profit attributable to shareholders for the same period is 88.31 million yuan, 124.07 million yuan, and 145.12 million yuan, with growth rates of 66.87%, 40.49%, and 16.97% respectively [6][9]. Valuation Metrics - The projected P/E ratios for 2025, 2026, and 2027 are 33.64, 23.95, and 20.47 respectively [6][9].
瑜欣电子（301107）：通机景气向上和新客户新产品开拓带动公司业绩高增，战略布局机器人等新成长点