Kiwi Instruments(SH:688045) Huaan Securities·2025-04-30 09:02Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a reduction in losses in 2024, with operating revenue of approximately 690 million yuan, a year-on-year increase of about 19.0%. The net profit attributable to the parent company was approximately -20 million yuan, reducing losses by nearly 1.9 million yuan [6] - In Q4 2024, the company reported operating revenue of approximately 210 million yuan, a year-on-year increase of about 35.9% and a quarter-on-quarter increase of about 22.7%. The net profit attributable to the parent company was approximately 3 million yuan, a year-on-year increase of about 167.7% and a quarter-on-quarter increase of about 132.8% [6] - The improvement in performance is attributed to the continuous optimization of the product structure, with market share increasing in fast charging, high-power power supplies, smart home appliances, data centers, and new energy sectors [6] Financial Summary - The company’s operating revenue for 2024 is estimated at 690 million yuan, with a year-on-year growth of 19.0%. The projected net profit for 2025, 2026, and 2027 is 9 million, 40 million, and 78 million yuan respectively, with corresponding P/E ratios of 269, 63, and 32 times [9][12] - The gross profit margin is expected to improve from 25.9% in 2024 to 29.0% in 2027, while the return on equity (ROE) is projected to rise from -1.3% in 2024 to 5.2% in 2027 [12]