Kinwong(SH:603228) CMS·2025-05-05 15:15Investment Rating - The report maintains a "Strong Buy" rating for the company [2][7]. Core Views - The company's performance in 2024 aligns with market expectations, with revenue reaching 12.659 billion, a year-on-year increase of 17.68%, and net profit of 1.169 billion, up 24.86% year-on-year [6][7]. - The company is expected to achieve positive progress in the AI computing field, particularly in high-layer boards and HDI, which may open new growth opportunities [6][7]. - The company has increased its R&D investment significantly, with R&D expenses reaching 758 million in 2024, a year-on-year increase of 26.12% [6][7]. Financial Performance - In Q1 2025, the company reported revenue of 3.343 billion, a year-on-year increase of 21.90%, while net profit was 325 million, up 2.18% year-on-year [6][7]. - The overall revenue for Q4 2024 was 3.581 billion, reflecting a year-on-year growth of 19.16% [6][7]. - The company anticipates revenue growth of 18% in 2025, with projected revenue of 14.938 billion [8][12]. Business Segments - In the automotive electronics sector, the company achieved revenue of 5.8 billion in 2024, a year-on-year increase of 33%, accounting for 48% of total revenue [6][7]. - The data center segment saw over 30% revenue growth, contributing approximately 8% to total revenue [6][7]. - The company has established a strong customer base in the automotive sector, including leading Tier 1 manufacturers and domestic OEMs [6][7]. Future Outlook - The company is expected to benefit from the growing demand for high-end computing products, particularly in the AI server market [7]. - The report forecasts revenue for 2025-2027 to be 14.938 billion, 17.926 billion, and 21.152 billion respectively, with net profits projected at 1.479 billion, 1.826 billion, and 2.230 billion [8][12]. - The company is well-positioned to capture high-margin orders from key clients in North America and the automotive sector, driving future growth [7].