Group 1 - The core viewpoint is that Kangxi Communication is expected to see an increase in overseas order volume in Europe and South Asia by the second half of 2025, with significantly higher gross margins for overseas products compared to domestic ones [1] - In the low-altitude economy sector, the company has outstanding market demand for drone products scheduled for research and development in 2024 and sample delivery in 2025, having already secured bulk orders [1] - The company's cash flow situation is strong, and with increasing sales revenue and improved accounts receivable management, operational net cash flow is expected to become healthier [1] Group 2 - The strategic investment in Shenzhen Chip Zhongxin is projected to achieve an annual profit of over 16 million yuan in 2024, with a single-quarter net profit exceeding 12 million yuan in the first quarter of 2025 [1] - The introduction of Wi-Fi 7 is anticipated to enhance the overall gross margin for the company, although the price reduction of Wi-Fi 6 products may partially offset this; the company plans to adopt a multi-faceted approach to continuously improve product gross margin levels [1]
【私募调研记录】亘曦资产调研康希通信