点击招商研究小程序查看PDF报告原文 公司公告25年一季报：Q1营收 80.87 亿同比+20.94%，归母净利4.88 亿同比-1.83%，扣非归母净 利4.78 亿同比-5.19%，毛利率 17.83%同比-2.54pct，净利率 6.01%同比-1.42pct。结合公司近况， 我们点评如下： 25Q1收入创历史同期新高，盈利表现低于市场预期。 Q1季度收入规模创历史同期新高，主因大客 户Q1有新机16e上市以及3月因关税问题提前启动对美备货，稼动率得到明显提升。盈利表现不及市 场预期，我们分析主因：1）Q1 大客户产品主要是老料号，价格承压，且上游原材料成本上涨，对 主营产品的盈利空间形成挤压；2）公司高雄厂区建成投产，处于爬坡阶段，且公司的资本开支亦 较高，形成一定的折旧压力；3）财务费用：因美元贬值产生的汇兑收益同比减少了约5500万。 展望Q2：大客户因关税问题提前备货驱动公司稼动率同比继续向上。 4月份以来的关税不确定性问 题是目前对果链扰动因素，大客户为应对未来的风险从3月份开始提前备货，目前公司的订单情况 好于去年同期，产品价格因机型原因尚有压力，公司通过提升产能利用率和自身的经营管理优化、 ...

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2][6][7] Core Views - The company's Q4 performance met market expectations, driven by increased sales from major clients and innovations in AI terminals, indicating a new growth cycle [6][7] - The company is expected to accelerate growth in Q1 2025, supported by new product launches and increased production capacity [6][7] - The company is actively expanding its presence in AI terminals, smart vehicles, and low-orbit satellites, which are anticipated to drive multiple growth opportunities [6][7] Financial Performance - In 2024, the company achieved a revenue of 35.14 billion, a year-on-year increase of 9.6%, and a net profit of 3.62 billion, up 10.1% year-on-year [6][7] - Q4 revenue was 11.65 billion, reflecting a 0.4% year-on-year increase and a 12.5% quarter-on-quarter increase, with a net profit of 1.65 billion, up 14.1% year-on-year [6][7] - The company forecasts revenues of 35.14 billion, 41.29 billion, and 47.49 billion for 2024, 2025, and 2026 respectively, with corresponding net profits of 3.62 billion, 4.46 billion, and 5.33 billion [6][7] Market Position and Strategy - The company is enhancing its technological capabilities and expanding high-end production capacity, particularly in AI-related products [6][7] - The report highlights the expected innovation cycle from major clients, particularly in AI-integrated devices, which is projected to drive significant growth from 2025 to 2027 [6][7] - The company is positioned to benefit from the increasing demand for AI servers, automotive electronics, and low-orbit satellite applications, providing long-term growth momentum [6][7]