Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved rapid growth in its performance, with a significant increase in revenue and net profit in both 2024 and Q1 2025, indicating strong operational momentum [4][5] - The company is positioned as a leader in the domestic smart module market, benefiting from trends in AIOT, 5G, and smart automotive sectors [4][5] - The forecast for net profit from 2025 to 2027 has been slightly adjusted upwards, with expected figures of 190 million, 258 million, and 350 million respectively, reflecting a positive outlook [4][5] Financial Performance Summary - In 2024, the company achieved revenue of 2.941 billion, a year-on-year increase of 36.98%, and a net profit of 136 million, up 110.16% [4] - For Q1 2025, revenue reached 997 million, growing 73.57% year-on-year, with net profit soaring to 46 million, a staggering increase of 616.02% [4] - The company’s revenue from domestic and overseas markets was 2.138 billion and 803 million respectively in 2024, with year-on-year growth of 43.39% and 22.40% [5] Business Growth Drivers - The company is experiencing growth across its three main business segments: smart connected vehicles, IoT, and FWA, with overseas market expansion progressing well [5] - The gross margin for 2024 was reported at 17.03%, with a net margin of 4.57%, showing improvements in profitability [5] Product Development and Competitive Edge - The company is increasing its investment in AI research and development, with high-performance AI modules that provide heterogeneous computing power ranging from 0.2T to 48T [6] - The company has successfully applied its 48Tops high-performance module in humanoid robot control systems and continues to launch competitive new products [6] - The company is set to participate in the Taipei International Computer Show, indicating ongoing efforts to expand its presence in overseas markets [6] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 3.939 billion, 5.036 billion, and 6.384 billion respectively, with year-on-year growth rates of 33.9%, 27.9%, and 26.8% [7] - The expected diluted EPS for the same period is 0.73, 0.99, and 1.34, with corresponding P/E ratios of 66.4, 48.8, and 36.0 [7]

证券研究报告 | 年报点评报告 gszqdatemark 2025 05 01 年 月 日 美格智能（002881.SZ） 全年业绩创历史新高，持续受益 AI 应用落地 事件：公司发布 2024 年财报及 2025 年一季报，24 全年公司实现营收 29 亿 元，同比增长 37%；实现归母净利润 1.4 亿元，同比增长 110%；扣非归母净 利润约 1.3 亿元，同比增长 244%，三项指标均创历史新高。25Q1 公司实现 营收 10 亿元，同比增长 74%；归母净利润 0.5 亿元，同比大幅增长 616%。 24 年业绩创历史新高，三大主要下游应用赛道均实现营收增长。从下游分类 来看，智能网联车领域营收保持高速增长态势，智能网联车业务营收占比持续 提升，主要得益于公司面向车载核心客户的 5G 智能座舱模组和车规级通信模 组，均实现持续稳定大批量出货；IoT 行业受海外客户智能化需求、国内端侧 AI 新应用推动，继续呈现增长态势，营收占比保持相对平稳；FWA 行业整体 营收规模小幅扩大。三大赛道景气度共振推动公司业绩持续增长。 毛利率略有下滑，成本管控能力进一步提升。24 全年公司整体毛利率为 17%， 较去 ...