Yiheda(SZ:301029) Huaxin Securities·2025-12-22 12:32Investment Rating - The report maintains a "Buy" investment rating for the company, indicating a positive outlook for its stock performance in the next 12 months [7]. Core Insights - The company has established a comprehensive product matrix that includes a wide range of components across various industries, enhancing its resilience against market fluctuations [3]. - Significant revenue growth has been observed in key sectors such as new energy and automotive, with year-on-year increases of 53.17% and 53.25% respectively in the first half of 2025 [3][5]. - The company is focused on continuous R&D investment to strengthen its technological and supply chain barriers, which supports its competitive advantage in the market [4]. - The global expansion strategy has led to a diversified customer base, with services extending to over 40,000 clients across more than 30 countries [5]. Financial Projections - Revenue forecasts for the company are projected to be 29.98 billion yuan in 2025, 35.39 billion yuan in 2026, and 41.44 billion yuan in 2027, reflecting a compound annual growth rate [9]. - The earnings per share (EPS) are expected to increase from 0.85 yuan in 2025 to 1.30 yuan in 2027, indicating strong profitability growth [9]. - The company’s net profit is projected to grow from 539 million yuan in 2025 to 824 million yuan in 2027, with a net profit margin improvement over the forecast period [10].