Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company experienced a seasonal decline in Q1 but is actively launching new products to strengthen its competitive edge [5][6] - The semiconductor localization trend is expected to continue, and the company is expanding its product categories, having launched over 700 new products last year [6] - Revenue for Q1 2025 was 800 million yuan, a year-on-year increase of 8% but a quarter-on-quarter decrease of 12% [4] Financial Performance - In Q1 2025, the company reported a net profit of 59.77 million yuan, a year-on-year increase of 10% but a quarter-on-quarter decrease of 72% [4] - For the year 2024, the company achieved a revenue of 3.3 billion yuan, a year-on-year increase of 28%, and a net profit of 500 million yuan, a year-on-year increase of 78% [4] - The company forecasts net profits of 600 million yuan, 864 million yuan, and 1.138 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.27, 1.82, and 2.40 yuan [7] Market Trends - The Q1 revenue decline is attributed to the normalization of the consumer electronics supply chain after several quarters of inventory buildup [5] - The company is focusing on expanding its product offerings to enhance market share across various sectors including industrial control, automotive, communication, consumer electronics, and medical [6] Valuation Metrics - The latest closing price corresponds to a PE ratio of 76x for 2025, 53x for 2026, and 40x for 2027 [7] - The projected revenue growth rates for the next few years are 26.5% for 2025, 23.3% for 2026, and 18.4% for 2027 [9]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company experienced a revenue of 800 million yuan in Q1 2025, representing an 8% year-on-year increase but a 12% quarter-on-quarter decrease. The net profit attributable to the parent company was 59.77 million yuan, up 10% year-on-year but down 72% quarter-on-quarter. The non-recurring net profit was 33.96 million yuan, down 33% year-on-year and down 83% quarter-on-quarter [4][5] - The company is expanding its product offerings, having launched over 700 new products last year, including ultra-low power operational amplifiers and high-precision current detection amplifiers, which are applicable in various fields such as industrial control, automotive, communication, consumer electronics, and medical [6] - The semiconductor localization trend is expected to be a long-term and certain development, with the company steadily advancing along the growth path of analog companies [6] Financial Summary - In 2024, the company is projected to achieve a revenue of 3.347 billion yuan, a year-on-year increase of 28%. The net profit attributable to the parent company is expected to be 500 million yuan, up 78% year-on-year [9] - For the years 2025 to 2027, the projected net profits are 600 million yuan, 864 million yuan, and 1.138 billion yuan, respectively, with corresponding EPS of 1.27 yuan, 1.82 yuan, and 2.40 yuan [7][9] - The report indicates a gross margin of 51.5% for 2024, with a slight decrease to 50.3% in 2025, and a return on equity (ROE) of 10.9% in 2024, expected to rise to 16.0% by 2027 [9][12]