Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company achieved a record high in quarterly performance for Q1 2025, driven by significant growth in new products and markets, improved product structure, and enhanced operational efficiency [2] - Revenue for Q1 2025 reached 1.461 billion yuan, representing a year-on-year increase of 16.03% but a quarter-on-quarter decrease of 14.16%. The net profit attributable to shareholders was 233 million yuan, up 37.02% year-on-year and 12.09% quarter-on-quarter [1][2] - The company is well-positioned in the automotive electronics and data center sectors, with a focus on AI applications and energy-efficient products [4][7] Financial Performance - In Q1 2025, the revenue breakdown by product was as follows: signal processing (510 million yuan, -4.95% YoY), power management (508 million yuan, +23.87% YoY), automotive electronics or energy storage (314 million yuan, +65.46% YoY), and ceramics & PCB & others (128 million yuan, +5.02% YoY) [2] - The gross margin for Q1 2025 was 35.56%, a slight decrease of 0.39 percentage points year-on-year but an increase of 2.07 percentage points quarter-on-quarter [3] - The company maintains a strong cost control strategy, with a total expense ratio of 16.13% in Q1 2025, down 1.84 percentage points year-on-year and 0.48 percentage points quarter-on-quarter [3] Future Outlook - The company forecasts revenue growth of 20.32%, 15.61%, and 14.10% for the years 2025, 2026, and 2027, respectively, with net profits expected to grow by 26.1%, 25.1%, and 20.3% in the same period [8] - Earnings per share (EPS) are projected to be 1.30, 1.63, and 1.96 yuan for 2025, 2026, and 2027, respectively [8] - The company is actively pursuing opportunities in hydrogen fuel cell projects, which could open new markets for growth [7]

2024年度归属于上市公司股东的净利润、基本每股收益、稀释每股收益分别同比增长399.68%、400%、 400%，归属于上市公司股东的扣除非经常性损益的净利润、扣除非经常性损益后的基本每股收益同比 扭亏为盈，主要系：1)公司营业收入增长规模、效应进一步提升，整体带动公司利润率的提升;2)新产品 和新市场领域的市场份额持续提升，综合毛利率较上年同期增长，毛利额提升;3)持续推进管理变革、 产研数字化建设，研发效率和管理效率提升，进一步巩固了盈利水平。 智通财经APP讯，艾为电子(688798.SH)披露2024年年度报告，报告期公司实现营收29.33亿元，同比增 长15.88%;归母净利润2.55亿元，同比增长399.68%;扣非净利润1.56亿元，同比扭亏为盈;基本每股收益 1.1元。公司拟向全体股东每10股派发现金红利人民币3.3元(含税)。 报告期内公司持续重点布局高性能数模混合、电源管理、信号链等长期价值产品，从设计、算法、应 用、工艺全链条发展等多方面为客户提供综合立体的解决方案;依托产品平台型公司优势，公司不断丰 富产品矩阵，持续推出新产品，随着公司所处的电子信息行业景气度逐步复苏和更多新的AI端 ...

先进封测是核心差异化能力。 | 作者 | | 小鑫 | | --- | --- | --- | | 编辑 | | 小白 | 在刚刚过去的CES 2025展会上，AI眼镜和AI智能玩具成为一大亮点。包括Halliday、Xreal、Rokid、 雷鸟创新等厂商一共带来了近50款AI（AR）眼镜，其中中国厂家撑起了半边天。 （图片来源：网络） Meta作为AR/XR领域的巨头之一，选择在Wynn酒店展示了Ray-Ban Meta AI眼镜系列以及Meta Quest 3、3S。其中，Ray-Ban Meta AI眼镜销量已经突破了200万台，其在人机交互等多个领域具有领先优 势，是很多厂商追赶的目标。 这一轮AI眼镜和智能硬件爆发的核心在于大模型能力在端侧的应用。目前市场主流的大模型参数都 在千亿以上，要想实现端侧AI，有三个步骤非常重要，分别是模型压缩、模型适配、人机交互。 模型压缩的目的在于降低对硬件的要求，这一步通常是大模型厂商在做，更多是软件层面的，比如谷 歌推出的Gemini Nano，Meta推出的MobileLLM。 模型适配包括存储的提升、芯片的适配。大模型对于存储的要求有目共睹，之前已经带火了H ...