Kinwong(SH:603228) Guohai Securities·2025-04-30 10:31Investment Rating - The report maintains a "Buy" rating for the company [1][11]. Core Views - The company is expected to achieve steady revenue and profit growth in 2024, with a focus on the emerging AI landscape [1]. - The company has shown strong performance in the automotive PCB sector and is developing a second growth curve through its data communication business [4]. Financial Performance Summary - In 2024, the company achieved revenue of 12.659 billion yuan, a year-on-year increase of 17.68%, and a net profit attributable to shareholders of 1.169 billion yuan, up 24.86% year-on-year [4]. - For Q4 2024, revenue was 3.581 billion yuan, a year-on-year increase of 19.16%, and net profit was 265 million yuan, up 12.16% year-on-year [4]. - In Q1 2025, revenue reached 3.343 billion yuan, a year-on-year increase of 21.90%, while net profit was 325 million yuan, up 2.18% year-on-year [5]. Market Data - As of April 29, 2025, the company's stock price is 27.45 yuan, with a market capitalization of approximately 25.606 billion yuan [7]. - The company produced 11.0626 million square meters of printed circuit boards in 2024, a year-on-year increase of 16.43% [6]. Growth Potential - The company is well-positioned to benefit from the acceleration of high-level intelligent driving and the increasing penetration of AI applications in vehicles [6]. - The company has made significant advancements in AI server products and has achieved mass production capabilities for 1.6T optical modules [8]. Earnings Forecast - Revenue is projected to reach 14.751 billion yuan in 2025, with a growth rate of 17%, and net profit is expected to be 1.502 billion yuan, reflecting a growth rate of 28% [9]. - The company is anticipated to maintain a strong return on equity (ROE) of 10% in 2025, increasing to 14% by 2027 [9].