GKG(SZ:301338) Xin Lang Cai Jing·2025-05-09 00:38Core 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]