Kinwong(603228) 长江证券·2024-09-06 02:13Investment Rating - The report maintains a "Buy" rating for the company [5][4]. Core Insights - In the first half of 2024, the company achieved operating revenue of 5.867 billion yuan, a year-on-year increase of 18.26%, and a net profit attributable to shareholders of 656 million yuan, a year-on-year increase of 62.56% [4][4]. - The second quarter of 2024 saw the company realize operating revenue of 3.125 billion yuan, a year-on-year increase of 19.25% and a quarter-on-quarter increase of 13.93%, with a net profit of 339 million yuan, reflecting a year-on-year increase of 76.03% and a quarter-on-quarter increase of 6.53% [4][4]. - The company is experiencing rapid growth driven by high-end products, which are expected to open a second growth curve [4][4]. Summary by Sections Financial Performance - The company reported a gross margin of 24.0% and a net margin of 11.1% for the first half of 2024 [4][4]. - For Q2 2024, the gross margin was 23.48% and the net margin was 10.72% [4][4]. Industry Context - The global macroeconomic environment is showing moderate recovery, with demand for electronic information products improving. The electronic and automotive sectors saw year-on-year value-added growth of 13.3% and 9.8%, respectively [4][4]. - The report highlights that from 2023 to 2028, demand for PCBs in sectors such as servers, data centers, and automotive is expected to grow rapidly, particularly for high-layer multi-layer boards and packaging substrates [4][4]. Future Outlook - The company is focused on enhancing its product technology, particularly in high-end HDI, multi-layer PCBs, and multi-layer FPCs, and is actively pursuing opportunities in the automotive and data communication sectors [4][4]. - The dual drivers of data communication and automotive sectors are anticipated to unlock a second growth engine for the company, contributing to future profit increases [4][4]. - The projected net profits for 2024, 2025, and 2026 are 1.249 billion yuan, 1.557 billion yuan, and 1.868 billion yuan, respectively, with corresponding price-to-earnings ratios of 18.13, 14.54, and 12.12 [4][4].