Investment Rating - The report maintains an "Outperform the Market" rating for the company [6][4]. Core Views - The company achieved significant year-on-year growth in revenue and profit for 2024, with total revenue reaching 9.162 billion, up 52.4%, and net profit attributable to shareholders at 1.931 billion, up 52.9% [8][4]. - The company is expected to benefit from the expansion of capital expenditures by major internet firms, particularly in AI infrastructure, which will drive demand for its DCU products [3][4]. Financial Performance Summary - For 2024, the company reported a gross margin of 63.7%, an increase of 4.1 percentage points year-on-year, attributed to product iterations and increased sales volume [9]. - The net profit margin for 2024 was 29.7%, reflecting a year-on-year increase of 1.4 percentage points [9]. - The company’s R&D personnel increased by 31.4% year-on-year to 2,157 by the end of 2024, contributing to rising R&D expenses [8]. Revenue and Profit Forecast - The company’s revenue is projected to grow to 13.935 billion in 2025, 19.526 billion in 2026, and 24.527 billion in 2027, with corresponding net profits of 3.175 billion, 4.860 billion, and 6.161 billion respectively [4][5]. - The report indicates a significant increase in earnings per share, expected to reach 1.37 in 2025 and 2.09 in 2026 [5]. Market Position and Future Outlook - The company’s DCU products have been fully adapted to several leading internet firms, positioning it well to capitalize on the anticipated increase in AI infrastructure investments [3][4]. - The report highlights that major internet companies are expected to increase their capital expenditures significantly, with Alibaba alone projected to invest over 380 billion in AI hardware infrastructure over the next three years [3].

苏州朗威电子机械股份有限公司 首次公开发行股票并在创业板上市招股说明书 创业板投资风险提示 本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业 融合存在不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高 等特点，投资者面临较大的市场风险。投资者应充分了解创业板的投资风险 及本公司所披露的风险因素，审慎作出投资决定。 苏州朗威电子机械股份有限公司 （苏州市相城区黄埭镇潘阳工业园住友电装路） 首次公开发行股票并在创业板上市 招股说明书 保荐人（主承销商） （广东省深圳市福田区福田街道福华一路 119 号安信金融大厦） 1-1-1 安信证券股份有限公司 Essence Securities Co.,ltd. 安信证券股份有限公司 Essence Securities Co.,ltd. 安信证券股份有限公司 Essence Securities Co.,ltd. 安信证券股份有限公司 Essence Securities Co.,ltd. 苏州朗威电子机械股份有限公司 首次公开发行股票并在创业板上市招股说明书 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文 ...