Core Insights - The company achieved a revenue of 857 million yuan in 2024, representing a year-on-year increase of 15.75%, and a net profit attributable to shareholders of 71 million yuan, up 34.12% year-on-year [1] - In Q4 2024, the company reported a revenue of 279 million yuan, a decrease of 7.29% year-on-year but an increase of 28.09% quarter-on-quarter, with a net profit attributable to shareholders of 26 million yuan, up 145.32% year-on-year [1] - The company’s main product, solder paste printing machines, has reached or surpassed international standards, with a revenue of 444 million yuan in 2024, driven by demand from consumer electronics and AI servers [2] Financial Performance - For the full year 2024, the gross profit margin was 32.21%, an increase of 1.26 percentage points year-on-year, and the net profit margin was 8.23%, up 1.13 percentage points year-on-year [1] - In Q1 2025, the company reported a revenue of 197 million yuan, a year-on-year increase of 27.23%, with a net profit of 33 million yuan, up 208.34% year-on-year [2] - The gross profit margin for Q1 2025 was 43.93%, an increase of 10.14 percentage points year-on-year [2] Product Development and Market Position - The company is committed to a "shared technology platform + multiple products + multiple fields" strategy, aiming to transition from a single "champion" to multiple "champions" [3] - In 2024, the packaging equipment segment generated a revenue of 229 million yuan, a year-on-year increase of 5.72%, while the dispensing machine segment saw a revenue increase of 55.87% to 89 million yuan [3] - The flexible automation equipment segment achieved a revenue of 71 million yuan in 2024, up 49.56%, successfully entering the optical communication industry [3] Profit Forecast - The company maintains a "buy" rating, with adjusted profit forecasts for 2025-2027, expecting net profits of 118 million, 162 million, and 195 million yuan respectively [4]

Business Performance - The company's revenue for 2024 increased by 15.75% year-on-year, while Q1 2025 revenue grew by 27.23% year-on-year [1][2] - Q1 2025 revenue reached 196.56 million, with a net profit attributable to shareholders of 33.21 million, reflecting a 208.34% year-on-year increase [4][5] Market Expansion Plans - The company aims to maintain its market leadership in solder paste printing equipment and expand its Mini/Micro LED equipment business [2][3] - Plans to enhance resource investment in semiconductor products and improve new product development capabilities [2] Risk Management - Non-operating income is low, indicating no significant volatility risk [2] - Inventory impairment risks are manageable [2] Profitability and Cash Flow - The company is focused on deepening its core business in automated precision equipment while improving cash flow through better receivables management and inventory turnover [3][4] - In 2024, the net cash flow from operating activities was negative due to increased material payments [3] Cost Control Measures - Implementation of cost reduction and efficiency enhancement initiatives, including digital management and lean management practices [3] - Use of AI technology to improve production efficiency [3] Research and Development - R&D investment as a percentage of revenue was 9.12% for 2024 and 9.88% for Q1 2025 [3] - Recent innovations include AI applications in defect detection and the development of a low-code visual platform [3] Organizational Culture and Talent Management - The company emphasizes talent development and plans to enhance its management team and optimize performance evaluation systems [4] - Strategies include introducing high-level talent and establishing long-term incentive plans [4] International Expansion Strategy - The company adopts a multi-faceted approach to international market expansion, including following existing clients and localizing operations in key markets [5][6] - Plans to actively participate in international exchanges and adapt to market changes [6] Supply Chain and Geopolitical Risks - The company has no current dependency on foreign products that could be affected by geopolitical tensions [7] - It remains focused on self-research and intellectual property compliance [7]

Core Viewpoint - The company has demonstrated significant growth in revenue and profit for 2024, driven by new product launches and cost reduction efforts [1] Financial Performance - In 2024, the company achieved revenue of 857 million, a year-on-year increase of 15.75%, and a net profit attributable to shareholders of 71 million, up 34.12% [1] - The company's gross margin was 32.21%, an increase of 1.26 percentage points year-on-year, while the net profit margin was 8.23%, up 1.13 percentage points [1] - The net profit excluding non-recurring items was 64 million, reflecting a 60.25% year-on-year growth, with a margin of 7.42%, an increase of 2.06 percentage points [1] Product Performance - Revenue from solder paste printing equipment reached 444 million, a 10.62% increase, driven by recovery in consumer electronics demand and growth in AI server and new energy vehicle markets, with a gross margin of 40.33% [2] - Packaging equipment generated revenue of 229 million, up 5.72%, with improved recognition from multiple large customers, resulting in a gross margin of 13.75%, an increase of 9.18 percentage points [2] - Revenue from dispensing equipment surged by 55.87% to 88 million, attributed to enhanced core competitiveness and brand influence, maintaining a gross margin of 33.72% [2] - Flexible automation equipment saw revenue growth of 49.56% to 71 million, with recognition from globally renowned clients [2] Q1 2025 Performance - In Q1 2025, the company reported revenue of 197 million, a year-on-year increase of 27.23%, with a gross margin of 43.93%, up 10.14 percentage points [3] - The increase in revenue and gross margin was primarily due to a higher proportion of high-margin solder paste printing machines, leading to a net profit margin of 16.90%, an increase of 9.92 percentage points [3] - Inventory and contract liabilities grew rapidly, with inventory at 551 million, up 17.77% quarter-on-quarter, and contract liabilities at 124 million, up 23.86%, indicating a solid foundation for annual performance growth [3] Future Outlook - Revenue projections for 2025-2027 are 1.029 billion, 1.171 billion, and 1.293 billion, reflecting year-on-year growth rates of 20.17%, 13.77%, and 10.38% respectively [3] - Net profit attributable to shareholders is expected to reach 131 million, 157 million, and 182 million, with growth rates of 85.80%, 19.72%, and 16.27% respectively, corresponding to a PE ratio of 28X for 2025 [3]

Company Overview - Company Keg Precision Machinery (301338) reported a revenue of 196.56 million yuan in Q1 2025, representing a year-on-year increase of 27.23% [2][7] - The net profit attributable to shareholders was 33.21 million yuan, showing a significant year-on-year growth of 208.34% [2][7] - The net profit excluding non-recurring gains and losses was 31.46 million yuan, with a year-on-year increase of 235.72% [2][7] - The company has maintained a gross margin of 43.93% [7] Business Drivers - The growth in revenue is primarily driven by increased demand in the consumer electronics sector, particularly mobile phones, as well as growth in server demand and rising penetration rates in the new energy vehicle market [2] - The rapid growth in net profit is attributed to an increase in gross margin, driven by a higher proportion of mid-to-high-end products in revenue and an improved revenue structure from high-margin businesses [2] R&D and Innovation - The company established the 2025 Laboratory to develop algorithm models for industrial applications, focusing on self-adjusting capabilities of equipment and ensuring long-term precision and stability [3] - R&D investment as a percentage of revenue for 2023, 2024, and Q1 2025 was 10.06%, 9.12%, and 9.88% respectively [4] - As of December 31, 2024, the company held 212 patents, with 18 new invention patents and 30 utility model patents granted in 2024 [4] Product Development - The company has developed SIC wafer aging test equipment and SIC KGD chip sorting equipment, which are essential for testing the stability of third-generation semiconductor chips and ensuring product quality in various fields such as new energy vehicles and aerospace [5] Future Plans - For 2025, the company aims to enhance innovation by increasing investment in R&D, optimizing the structure of the R&D team, and launching new products targeting SIP and semiconductor packaging applications [6] - The company encourages its teams to apply for invention patents and participate in the formulation of industry standards to strengthen its market position [6]

Group 1: Financial Performance - The company achieved a revenue of 196.56 million yuan in Q1 2025, representing a year-on-year growth of 27.23% [2] - The net profit attributable to shareholders reached 33.21 million yuan, with a significant year-on-year increase of 208.34% [2] - The net profit excluding non-recurring gains and losses was 31.46 million yuan, showing a year-on-year growth of 235.72% [2] - The continuous growth in net profit over four consecutive quarters indicates a robust development trend [2] Group 2: Market Drivers - Revenue growth in Q1 2025 was primarily driven by the recovery in consumer electronics demand, particularly in mobile phones, increased demand for AI servers, and the rising penetration rate of new energy vehicles [2] - The improvement in net profit is attributed to a higher gross margin, with an increasing proportion of high-end products contributing to revenue [2] Group 3: R&D and Innovation - The company established the 2025 Laboratory to develop foundational algorithm models for industrial AI, focusing on self-adjusting capabilities of equipment [2] - R&D investment as a percentage of revenue for 2023, 2024, and Q1 2025 was 10.06%, 9.12%, and 9.88% respectively [3] - As of December 31, 2024, the company held 212 patents, with 18 new invention patents and 30 utility model patents granted in 2024 [3] Group 4: Product Development - The company is advancing in the development of SIC wafer aging test equipment and SIC KGD sorting equipment, which are essential for testing the long-term stability of third-generation semiconductor chips [3] - The focus for 2025 includes enhancing R&D capabilities, optimizing team structures, and launching new products targeting SIP and semiconductor packaging markets [3]

Financial Performance - The company's revenue for Q1 2025 reached ¥196,558,326.80, representing a 27.23% increase compared to ¥154,491,401.12 in the same period last year[5] - Net profit attributable to shareholders was ¥33,209,680.80, a significant increase of 208.34% from ¥10,770,359.97 year-on-year[5] - The net profit after deducting non-recurring gains and losses was ¥31,463,534.77, up 235.72% from ¥9,372,065.75 in the previous year[5] - The basic earnings per share rose to ¥0.31, reflecting a 210.00% increase compared to ¥0.10 in the same period last year[5] - The net profit for the current period is CNY 33,701,191.64, a significant increase from CNY 11,119,150.13 in the previous period, representing a growth of approximately 202.5%[22] - The operating profit for the current period is CNY 36,779,596.56, compared to CNY 11,116,475.39 in the previous period, indicating an increase of about 230.5%[22] - The total comprehensive income for the current period is CNY 33,713,080.52, compared to CNY 11,058,904.01 in the previous period, showing an increase of approximately 205.5%[23] Cash Flow - The net cash flow from operating activities improved to -¥19,175,513.50, a 75.40% reduction in losses from -¥77,936,966.20 year-on-year[5] - The net cash flow from operating activities is negative at CNY -19,175,513.50, an improvement from CNY -77,936,966.20 in the previous period[25] - The net cash flow from investing activities was ¥79,684,452.26, a 194.32% increase compared to -¥84,482,598.45 in the same period last year[10] - The company recorded a net cash inflow from investing activities of CNY 79,684,452.26, compared to a net outflow of CNY -84,482,598.45 in the previous period[25] Assets and Liabilities - Total assets increased by 3.60% to ¥2,398,402,042.39 from ¥2,315,057,020.67 at the end of the previous year[5] - Total assets reached ¥2,398,402,042.39, up from ¥2,315,057,020.67, marking a 3.6% increase[17] - Total liabilities increased to ¥878,124,177.84 from ¥828,504,011.64, reflecting a growth of 6%[18] - The equity attributable to the owners of the parent company rose to ¥1,499,056,655.39 from ¥1,465,852,252.61, an increase of 2.3%[19] Expenses - The company reported a significant increase in sales expenses, which rose by 32.43% to ¥29,297,200.73 due to higher revenue[10] - Total operating costs amounted to ¥163,185,390.66, up from ¥146,559,920.20, reflecting a growth of 11.3%[21] - The company’s tax expenses for the current period are CNY 2,877,967.78, significantly higher than CNY 100,174.40 in the previous period[22] - The company has reported an increase in research and development expenses to CNY 19,420,982.59 from CNY 17,586,252.63, reflecting a growth of about 10.4%[22] Future Outlook - Future outlook includes potential market expansion and new product development strategies, although specific figures were not disclosed in the current report[21] - The company reported a net profit margin improvement, with net profit figures to be detailed in future disclosures[21] Inventory and Receivables - Inventory levels rose to ¥551,365,093.24 from ¥468,174,718.44, indicating a 18% increase[16] - Long-term receivables increased to ¥415,254,681.81 from ¥383,459,379.08, showing an 8.3% growth[16] - The cash and cash equivalents at the end of the period were ¥917,248,140.04, an increase from ¥856,270,478.52 at the beginning of the period, representing a growth of 7.3%[16] - The cash and cash equivalents at the end of the period amount to CNY 883,341,211.27, an increase from CNY 784,025,619.69 in the previous period[26]

Core Insights - The company reported a revenue of 857 million yuan for 2024, representing a year-on-year growth of 15.75% [1] - The net profit attributable to shareholders reached 70.52 million yuan, marking a year-on-year increase of 34.12% [1] - The overall gross profit margin for the company was 32.21%, an increase of 2.38 percentage points compared to the previous year [1] Revenue Breakdown - Revenue from solder paste printing equipment grew by 10.62%, driven by increased demand from consumer electronics, AI servers, and the rising penetration of new energy vehicles [1] - Revenue from packaging equipment increased by 5.72%, with LED packaging equipment gaining recognition from multiple major customers [1] - Revenue from dispensing equipment surged by 55.87%, attributed to technological advancements and product upgrades enhancing core competitiveness [1] - Revenue from flexible automation equipment rose by 49.56%, with products being recognized by globally renowned clients [1] R&D Investment - The company increased its R&D investment to 78.13 million yuan in 2024, accounting for 9.12% of its revenue [2] - The company adheres to the philosophy that "good products are designed," focusing on the construction of common technologies and modules to optimize R&D efficiency [2] - The strategic shift from a single "champion" product to multiple "champion" products is being implemented in the solder paste printing equipment segment [2]

Core Insights - The company is a national high-tech enterprise recognized for its achievements in manufacturing and innovation, holding multiple prestigious titles and certifications [1] - The main products include solder paste printing equipment, dispensing equipment, packaging equipment, and flexible automation equipment, primarily serving the electronics manufacturing industry [1][2] Company Overview - The company has been awarded titles such as "National Manufacturing Single Champion Enterprise" and "Specialized and Innovative 'Little Giant' Enterprise" [1] - It operates in over 70 countries and regions, with products sold in more than 50 countries [1] Product Details - **Solder Paste Printing Equipment**: This equipment is crucial in the SMT and COB processes, ensuring the accurate application of solder paste to PCBs, which is essential for electronic component assembly [2][3] - **Packaging Equipment**: Used in LED and semiconductor packaging processes, focusing on the die bonding stage, utilizing technologies like Pick & Place and die bonding [4] - **Dispensing Equipment**: This equipment is vital for both electronic assembly and semiconductor processes, ensuring the precise application of adhesives for component bonding and protection [5] - **Flexible Automation Equipment**: Designed for flexible manufacturing in electronic assembly, allowing for the combination of various functional modules to meet diverse production needs [6] Financial Overview - The company has undergone a change in its auditing firm to Xinyong Zhonghe Accounting Firm, which provided a standard unqualified opinion on the financial report [1] - The profit distribution plan approved by the board includes a cash dividend of 2.00 yuan per 10 shares, based on a total of 106,400,000 shares [1]

东莞市凯格精机股份有限公司 2024 年度 审计报告 | 索引 | 项码 | | --- | --- | | 审计报告 | 1-4 | | 公司财务报表 | | | 合并资产负债表 | 1-2 | | 母公司资产负债表 | 3-4 | | 合并利润表 | 5 | | 母公司利润表 | 6 | | 合并现金流量表 | 7 | | 母公司现金流量表 | 8 | | 合并股东权益变动表 | 9-10 | | 母公司股东权益变动表 | 11-12 | | 财务报表附注 | 13-86 | 联系电话: 信永中和会计师事务所| 北京市东城区朝阳门北大街 telenhone: +86 (010) 6554 2288 8 号富华大厦 A 座 9 层 9/F Block A Fu Hua No 8 Chaovangmen Donachena District. 窗计报告 XYZH/2025GZAA3B0116 东莞市凯格精机股份有限公司 东莞市凯格精机股份有限公司全体股东: 一、审计意见 我们审计了东莞市凯格精机股份有限公司(以下简称凯格精机)财务报表,包括 2024 年 12 月 31 日的合并及母公司资产负债表,2024年 ...

关于东莞市凯格精机股份有限公司 2024 年度内部控制自我评价报告的核查意见 国信证券股份有限公司（以下简称"国信证券"或"保荐机构"）作为东莞 市凯格精机股份有限公司（以下简称"凯格精机"或"公司"）首次公开发行股 票的保荐机构，根据《证券发行上市保荐业务管理办法》《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》《深圳证券交易所上市公司 自律监管指引第 2 号——创业板上市公司规范运作》和《深圳证券交易所创业 板股票上市规则》等有关法律法规的规定，对凯格精机 2024 年度内部控制自我 评价报告进行了核查，情况如下： 一、公司内部控制评价范围 公司按照风险导向原则确定纳入评价范围的主要单位、业务和事项以及高 风险领域。纳入评价范围的单位包括东莞市凯格精机股份有限公司、GKG Asia Pte. Ltd.、芯凯为半导体（东莞）有限公司。纳入评价范围的主要业务和事项及 高风险领域包括：组织架构、制度建立、人力资源管理、销售业务、采购业务、 资金管理、资产管理、研究与开发管理、合同管理、内部信息传递、产品质量、 募集资金、财务报告等。 上述纳入评价范围的主要单位、业务和事项以及高风险领域涵盖 ...