KAIFA(000021) Guotou Securities·2025-04-25 07:02Investment Rating - The investment rating for the company is "Buy-A" with a target price of 20.89 CNY per share, maintaining the rating [6][10]. Core Views - The company achieved a revenue of 14.827 billion CNY in 2024, a year-on-year increase of 3.94%, and a net profit attributable to shareholders of 930 million CNY, up 44.33% year-on-year [1]. - The overall gross margin for 2024 was 16.98%, an increase of 0.33 percentage points year-on-year, with specific product margins showing improvements [2]. - The storage semiconductor business saw significant growth, with a revenue of 3.522 billion CNY, a year-on-year increase of 37.62%, contributing 23.75% to total revenue [3]. - The high-end manufacturing segment reported a revenue of 8.292 billion CNY, a decrease of 9.09% year-on-year, accounting for 55.92% of total revenue [4]. - The intelligent metering terminal segment generated a revenue of 2.935 billion CNY, a year-on-year increase of 15.35%, representing 19.80% of total revenue [4]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 3.975 billion CNY, a year-on-year increase of 20.72%, and a net profit of 269 million CNY, up 35.79% year-on-year [1]. - The net profit margin improved to 7.33%, an increase of 1.56 percentage points year-on-year [2]. Business Segments - Storage Semiconductors: Revenue reached 3.522 billion CNY, with significant technological advancements leading to mass production capabilities [3]. - High-end Manufacturing: Revenue was 8.292 billion CNY, focusing on digital transformation initiatives [4]. - Intelligent Metering Terminals: Revenue of 2.935 billion CNY, with successful international project bids [4]. Future Projections - Revenue projections for 2025, 2026, and 2027 are 16.31 billion CNY, 17.615 billion CNY, and 19.024 billion CNY respectively, with net profits expected to be 1.254 billion CNY, 1.444 billion CNY, and 1.731 billion CNY [10][11].