Kinwong(603228) 申万宏源·2024-07-29 01:01Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company has triggered the conditional redemption clause for its "Jing 20 Convertible Bond" due to its stock price exceeding 130% of the conversion price for 15 trading days [8] - The company expects a significant increase in net profit for the first half of 2024, projecting a year-on-year growth of 57.94% to 73.74% [8] - The company ranks 10th globally in the printed circuit board (PCB) industry, having improved its position by 6 places from the previous year [9] - The automotive PCB business is the largest application area for the company, with products used in advanced driver assistance systems and other automotive electronics [9] - The optical module business has seen rapid growth, with the company achieving mass production of various optical module products [9] - The company is expanding its production capacity across five bases and eleven factories, focusing on high-value-added products [10] - The company has adjusted its revenue forecast for 2024 from 14.9 billion to 11.9 billion yuan due to weak downstream demand and delays in production [10] Financial Summary - The company reported a revenue of 10.757 billion yuan in 2023, with a projected increase to 11.920 billion yuan in 2024 [12] - The net profit for 2023 was 936 million yuan, with an expected increase to 1.389 billion yuan in 2024 [12] - The earnings per share (EPS) is projected to rise from 1.03 yuan in 2023 to 1.52 yuan in 2024 [12] - The company’s return on equity (ROE) is expected to improve from 3.5% in 2024 to 13.2% in 2025 [12]