新股覆盖研究：钧崴电子

Investment Rating - The investment rating for Junwei Electronics (301458.SZ) is not explicitly stated in the provided content, but it is implied that the company is positioned favorably within its industry, with potential for growth in emerging markets [75]. Core Insights - Junwei Electronics specializes in the design, research and development, manufacturing, and sales of precision resistors and fuses, focusing on the consumer electronics and home appliance sectors [29][51]. - The company achieved revenues of 563 million CNY, 546 million CNY, and 564 million CNY for the years 2021, 2022, and 2023 respectively, with year-over-year growth rates of 37.90%, -3.00%, and 3.33% [62]. - For the first nine months of 2024, the company reported revenues of 486 million CNY, a year-over-year increase of 19.00%, and a net profit of 91 million CNY, reflecting a year-over-year growth of 43.11% [62]. - The company is the third largest global player in the precision resistor market, holding a market share of 7.86% [66]. - Junwei Electronics is actively expanding into emerging applications such as new energy vehicles, photovoltaic energy storage, and 5G communications, with expected mass production in 2024 [56]. Financial Performance - In 2023, the company's main revenue sources were precision resistors (340 million CNY, 60.82%), fuses (130 million CNY, 23.17%), and other products (89 million CNY, 16.01%) [9]. - The gross profit margin for the latest reporting period was 48.27% [70]. - The company forecasts a revenue range of 600 million to 680 million CNY for 2024, representing a year-over-year growth of 6.39% to 20.57% [73]. Industry Overview - The global market for precision current sensing resistors grew from 3.631 billion CNY in 2019 to 4.325 billion CNY in 2023, with an expected growth to 4.719 billion CNY in 2024 and a projected compound annual growth rate of 15.49% from 2024 to 2030 [14]. - The fuse market in China has significant demand, with import values indicating a gap between supply and demand [28]. - The company competes with peers such as Fenghua Advanced Technology, Zhongrong Electric, and Haoli Technology, with an average revenue of 1.850 billion CNY and an average gross profit margin of 29.19% among comparable companies [31].