MeiG(SZ:002881) Great Wall Securities·2025-08-29 09:05Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][17]. Core Insights - The company achieved significant revenue growth in the first half of 2025, with a revenue of 1.886 billion yuan, representing a year-on-year increase of 44.50%. The net profit attributable to the parent company was 84 million yuan, up 151.38% year-on-year [2][8]. - The company is expanding its presence in overseas markets, with overseas revenue reaching 532 million yuan, a year-on-year increase of 20.93%, accounting for 28.22% of total revenue [2]. - The company continues to invest heavily in research and development, focusing on high-performance intelligent modules and emerging industries such as industrial internet and AI applications [3][8]. Financial Performance Summary - Revenue projections for the company are as follows: 2,147 million yuan in 2023, 2,941 million yuan in 2024, 3,995 million yuan in 2025, 4,975 million yuan in 2026, and 6,087 million yuan in 2027, with growth rates of -6.9%, 37.0%, 35.8%, 24.5%, and 22.4% respectively [1][9]. - The net profit attributable to the parent company is projected to be 65 million yuan in 2023, 136 million yuan in 2024, 203 million yuan in 2025, 287 million yuan in 2026, and 377 million yuan in 2027, with year-on-year growth rates of -49.5%, 110.2%, 49.6%, 41.3%, and 31.5% respectively [1][9]. - The company's return on equity (ROE) is expected to improve from 4.2% in 2023 to 16.1% in 2027 [1][9]. Market and Product Development - The company is leveraging its technological capabilities in 5G communication and AI applications to enhance its product offerings in the intelligent connected vehicle sector, where it holds a leading position in the market [3]. - The company is also focusing on the IoT sector, developing customized solutions for various applications, including new retail and industrial automation [3]. - The expansion into the 5G Fixed Wireless Access (FWA) market is supported by the demand for 5G products from clients in Japan, North America, and Europe, contributing to accelerated revenue growth [2][3].