GKG(SZ:301338) Xin Lang Cai Jing·2025-04-30 10:56Core 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]