Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's Q4 2025 performance exceeded market expectations, with a projected net profit of RMB 383 to 432 million, representing a year-on-year increase of 105% to 131% [7] - The automotive business remains the primary growth driver, with a forecasted revenue of nearly RMB 1.5 billion from automotive fuses in 2025, reflecting a growth of over 60% year-on-year [7] - The company is expanding into new product categories, including high-voltage direct current relays and integrated BDU, which are expected to contribute significantly to revenue in the coming years [7] Financial Projections - Total revenue is projected to grow from RMB 1,060 million in 2023 to RMB 3,985 million by 2027, with a compound annual growth rate (CAGR) of approximately 30.38% [1] - Net profit is expected to increase from RMB 116.98 million in 2023 to RMB 801.15 million in 2027, with a CAGR of 33.64% [1] - The earnings per share (EPS) is forecasted to rise from RMB 1.19 in 2023 to RMB 8.15 in 2027, indicating strong profitability growth [1] Market Data - The company's closing price is RMB 119.50, with a market capitalization of approximately RMB 11.75 billion [5] - The price-to-earnings (P/E) ratio is projected to decrease from 100.44 in 2023 to 14.67 in 2027, indicating improving valuation metrics [1][5]

其中25Q4归母净利1.4~1.9亿，同比增114%~189%，环比增35%~82%，中值1.65亿。 【东吴电新】中熔电气：25Q4业绩超预期，规模效益贡献明显弹性 #25Q4业绩超预期：公司预估25年归母净利3.83~4.32亿，同比增105%~131%，中值4.1亿；扣非净利润3.77~4.25 亿，同比增105%~131%。 #汽车业务仍贡献主要增量、盈利水平再提升 【东吴电新】中熔电气：25Q4业绩超预期，规模效益贡献明显弹性 #25Q4业绩超预期：公司预估25年归母净利3.83~4.32亿，同比增105%~131%，中值4.1亿；扣非净利润3.77~4.25 亿，同比增105%~131%。 其中25Q4归母净利1.4~1.9亿，同比增114%~189%，环比增35%~82%，中值1.65亿。 #汽车业务仍贡献主要增量、盈利水平再提升。 25Q4国内电动车销量525万辆，同环比+16%/+23%，全年电动车销量1644万辆，同比+28%。 公司增速超越行业，预计25年公司汽车熔断器收入近15亿，同比增60%+，一方面汽车电力熔断器份额维持高位， 另一方面激励熔断器渗透率持续提升，预计25年激励熔断器 ...

Group 1: Company Performance - The company's gross margin improved year-on-year in the first half of 2025, driven by product structure optimization, particularly the promotion of the 800V platform for electric vehicles, and a significant increase in sales of the incentive fuses, which grew by 116% year-on-year [2][3][5] - The revenue from the incentive fuses reached 107 million yuan in the first half of 2025, with an optimistic outlook for achieving the annual target of 250 million yuan [5][10] - The company has maintained a strategy of focusing on high-quality customers in the photovoltaic industry, resulting in a revenue growth of 13.94% year-on-year, although this is below the industry average [7][8] Group 2: Market Analysis - The electric vehicle industry experienced a revenue growth of approximately 52% year-on-year in the first half of 2025, outpacing the industry average due to product upgrades and the expansion of new incentive fuse products [3][4] - The company is expanding its overseas market presence, with dedicated projects for luxury European brands expected to enter the new car release phase in October-November 2025 [4][8] - The company is actively promoting the application of incentive fuses in the renewable energy storage sector, aiming to enhance competitiveness through product performance upgrades rather than engaging in price competition [7][8] Group 3: Strategic Developments - The new general manager's appointment is part of the company's strategy to advance its internationalization efforts, bringing extensive international experience and management skills [9] - The company plans to enhance its production capacity in Thailand, with four production lines expected to be ready for mass production by the end of September 2025, and additional lines planned for 2026 [8][9] - The company is establishing a research and development center in Shanghai to focus on microelectronic technologies, including efuse, targeting the automotive low-voltage market [11][12]

Group 1: Financial Performance - The company's gross margin improved year-on-year in the first half of 2025, driven by product structure optimization, particularly the promotion of the 800V platform for electric vehicles, and a 116% increase in sales of the incentive fuse business [2] - The revenue from the electric vehicle industry grew approximately 52% year-on-year, surpassing the industry average, due to product upgrades and the expansion of new incentive fuse products [2] Group 2: Market Expansion - The company is increasing its overseas client projects, with specific projects for European luxury brands expected to enter the new car release phase between October and November 2025 [2] - The Thai factory is a key base for the company's overseas promotion strategy, with plans to have 4 production lines ready for mass production by the end of September 2025 and an additional 2 lines entering the testing phase by the end of 2025 [3] Group 3: Product Development - Revenue from incentive fuses reached 107 million yuan in the first half of 2025, with an optimistic outlook for achieving the annual target of 250 million yuan [3] - The company is actively promoting the application of incentive fuses in the wind and solar storage sector, aiming to enhance product competitiveness and market strategy [3] Group 4: Management and Strategy - The change in the general manager is part of the company's strategy to advance its internationalization efforts, with the new appointee bringing extensive international experience [3] - Share-based payment expenses for the first half of 2025 are estimated at 22 million yuan, with a projected total for the year between 36 million and 37 million yuan [3] Group 5: Research and Development - The company has established a research center in Shanghai for the development of efuse and related microelectronic technologies, currently in the early stages of research and testing [3] - The company is prepared to provide supporting products for the HVDC architecture in data centers, with a focus on the growing market potential in this area [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 81.02 [8][19]. Core Insights - The company is accelerating its globalization strategy, highlighted by the acquisition of Czech IMI, which will serve as a strategic foothold in Europe [3][13]. - The company has successfully secured new orders from major global clients such as BMW, Mercedes-Benz, and Ford, indicating strong demand for its new products and technologies [2][14]. - The company aims to enhance its overseas production capabilities and expand its market share in the automotive electronics sector [3][19]. Summary by Sections Investment Rating - The investment rating is maintained as "Buy" with a target price set at RMB 81.02, reflecting confidence in the company's growth potential [8][19]. Globalization Strategy - The company is focusing on strengthening its existing automotive electronic products while developing new domain control products. The recent acquisition of Czech IMI is a key part of this strategy, aimed at enhancing overseas production capabilities [3][13]. - The company has achieved significant results in promoting new products and technologies to European and American clients, with a notable increase in overseas sales [2][14]. Acquisition of Czech IMI - The company announced the acquisition of 100% of Czech IMI for EUR 9.426 million, which will enhance its international production layout and support the ramp-up of global orders [3][16]. - This acquisition is expected to allow the company to produce for global platform clients, including Volkswagen, Ford, BMW, and Mercedes-Benz, starting with lighting control products [3][17]. Financial Forecast - The company forecasts revenues of RMB 78.3 billion, RMB 101.5 billion, and RMB 125.6 billion for the years 2025 to 2027, with net profits of RMB 10.5 billion, RMB 14.38 billion, and RMB 18.37 billion respectively [5][19]. - The report maintains a PE target of 31 times for 2025, indicating a strong outlook for profitability [5][19].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 81.02 [8][19]. Core Insights - The company is accelerating its globalization strategy, highlighted by the acquisition of Czech IMI, which will serve as a strategic foothold in Europe [3][16]. - The company has successfully secured new orders from major global clients such as BMW, Mercedes-Benz, and Ford, indicating strong demand for its products [2][14]. - The company aims to enhance its product offerings in automotive electronics and develop new domain control products, focusing on expanding its customer base [2][13]. Summary by Sections Acquisition of Czech IMI - The company announced the acquisition of 100% of Czech IMI for EUR 9.426 million to enhance its overseas market presence and production capabilities [3][16]. - This acquisition will establish a factory in the Czech Republic, serving as a strategic base for the company in Europe and facilitating the production of global platform client orders [3][17]. Globalization Strategy - The company has been actively promoting new products and technologies to European and American clients, achieving significant results in recent years [2][14]. - In 2024, the company expects to generate over RMB 1.2 billion in sales from new projects, with a significant portion coming from overseas clients [14][15]. - The company plans to continue expanding its global footprint by targeting new business opportunities and enhancing its existing client relationships [15][19]. Financial Forecast - The report forecasts revenues of RMB 78.3 billion, RMB 101.5 billion, and RMB 125.6 billion for 2025, 2026, and 2027 respectively, with net profits of RMB 10.5 billion, RMB 14.38 billion, and RMB 18.37 billion [5][19]. - The company is expected to maintain a PE ratio of 31 times for 2025, reflecting strong growth potential [5][19].

Core Viewpoint - The company reported strong revenue growth for 2024, with a revenue of 5.968 billion yuan, a year-on-year increase of 29.03%, and a net profit of 772 million yuan, up 26.81% year-on-year. However, the net profit for Q4 2024 was slightly below expectations due to fluctuations in gross margin, while Q1 2025 net profit met expectations [1]. Group 1: Financial Performance - Q4 2024 revenue reached a record high of 1.695 billion yuan, with a year-on-year increase of 18.42% and a quarter-on-quarter increase of 10.78%. In contrast, Q1 2025 revenue decreased by 3.03% year-on-year and 18.93% quarter-on-quarter, primarily due to a high base from Q1 2024 and changes in chip compensation income [2]. - The gross margin for Q4 2024 was 28.30%, showing a quarter-on-quarter decrease of 1.36 percentage points, while Q1 2025 gross margin was 26.99%, down 1.31 percentage points quarter-on-quarter. The decline in Q1 2025 gross margin was attributed to reduced chip compensation and a shift in product mix towards lower-margin products [2]. - In Q4 2024, the total expense ratio was 14.53%, an increase of 2.10 percentage points from Q3 2024, mainly due to higher sales service fees and foreign exchange losses. In Q1 2025, the expense ratio decreased to 10.33%, leading to a recovery in net profit margin to 15.90%, up 5.69 percentage points quarter-on-quarter [3]. Group 2: Global Expansion and Market Position - The company emphasized its global expansion as a key highlight, securing exclusive contracts for the fifth-generation light control from major automotive manufacturers, including Mercedes-Benz and Volkswagen. In 2024, overseas revenue accounted for approximately one-third of total revenue, with 15% of new projects being international [4]. - The company plans to establish a factory in Europe by the end of 2025, indicating a commitment to further global market penetration [4]. Group 3: Profit Forecast and Valuation - The company adjusted its revenue forecast for 2025 downwards, expecting revenues of 7.83 billion yuan, 10.15 billion yuan, and 12.56 billion yuan for 2025-2027, with net profits of 1.05 billion yuan, 1.438 billion yuan, and 1.837 billion yuan respectively. The target price for the company is set at 77.75 yuan, maintaining a "buy" rating [5].

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