Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company is expected to achieve rapid growth in 2025, with projected revenue of 57-60 billion yuan, representing a year-on-year increase of 12%-17%. The forecasted net profit attributable to shareholders is estimated to be between 1.95-2.20 billion yuan, indicating a significant year-on-year growth of 114%-141% [1][4]. - The company has adopted an "All in AI" strategic direction, focusing on AI battery applications across various sectors, including AI PCs, AI headphones, AI glasses, AI toys, and AI servers. The company has established partnerships with leading clients in these areas, contributing to substantial revenue growth [2][4]. - The company plans to raise up to 800 million yuan through a private placement to fund the construction of a 3GWh energy storage cell project and a production line for 32 million steel-shell stacked batteries, aligning with the increasing demand for high energy density and safety in AI-related products [3][4]. Financial Summary - The company forecasts revenues of 58.5 billion yuan for 2025, with a net profit of 2.08 billion yuan. The earnings per share (EPS) are projected to be 2.08 yuan, with a dynamic price-to-earnings (PE) ratio of 35.3 [4][5]. - The financial projections for 2025-2027 indicate a net profit growth of 127% in 2025, followed by 86% in 2026 and 22% in 2027. The expected revenues for these years are 58.51 billion yuan, 70.53 billion yuan, and 80.25 billion yuan, respectively [5][4]. - Key financial metrics include a projected EBIT margin of 5.5% in 2025, a return on equity (ROE) of 8.2%, and a price-to-book (PB) ratio of 2.80 [5][4].
豪鹏科技（001283）：2025年业绩快速增长，AI端侧业务加速推进