Kiwi Instruments(688045) 华创证券·2025-03-17 07:35Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [6][22]. Core Insights - The company achieved significant revenue growth in Q4 2024, with a year-on-year increase of 35.92% and a quarter-on-quarter increase of 22.66%, driven by optimized product structure and high-margin product sales [6][7]. - The overall revenue for 2024 reached 688 million yuan, reflecting a year-on-year growth of 18.98%, with a gross margin of 25.90%, an increase of 2.33 percentage points [6][7]. - The company is well-positioned to benefit from the recovery in demand and the acceleration of domestic substitution in the semiconductor market, particularly in power management integrated circuits (PMIC) [6][7]. Financial Summary - Total revenue projections for 2025, 2026, and 2027 are estimated at 839 million yuan, 1,012 million yuan, and 1,229 million yuan, respectively, with growth rates of 21.8%, 20.7%, and 21.4% [2][7]. - The net profit attributable to the parent company is forecasted to improve significantly, from a loss of 17 million yuan in 2024 to a profit of 75 million yuan by 2027, with corresponding earnings per share (EPS) increasing from -0.25 yuan to 1.09 yuan [2][7]. - The company’s gross margin is expected to rise to 31.9% by 2027, indicating improved profitability [2][7]. Market Position and Strategy - The company is actively expanding its product portfolio, including high-power fast charging and large-power applications, and has successfully integrated its products into the supply chains of internationally recognized brands [6][7]. - A strong focus on research and development is evident, with R&D expenses projected to reach 238 million yuan by 2027, supporting the development of new products such as microcontrollers (MCUs) and digital signal processors [6][7]. - The company aims to capture greater market share in the home appliance, industrial, and new energy sectors, leveraging its technological advancements and product offerings [6][7].