Kinwong(SH:603228) Huaan Securities·2025-05-07 12:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 12.659 billion yuan in 2024, representing a year-on-year growth of 17.68%. The net profit attributable to the parent company was 1.169 billion yuan, up 24.86% year-on-year, with a basic EPS of 1.34 yuan. For Q1 2025, the revenue was 3.343 billion yuan, a 21.90% increase year-on-year, and the net profit was 325 million yuan, a 2.18% increase year-on-year, with a basic EPS of 0.39 yuan. The revenue growth was primarily driven by increased orders and improved capacity utilization [5][11]. Summary by Sections Company Overview - The company is embracing the new AI trend and is expanding into high-end markets, particularly in the data center and automotive electronics sectors. It has made significant progress in AI server products and has established a strong customer base in the automotive sector, including leading Tier 1 manufacturers [6][10]. Financial Performance - The company expects to achieve revenues of 14.906 billion yuan, 17.458 billion yuan, and 20.308 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 1.586 billion yuan, 1.934 billion yuan, and 2.325 billion yuan for the same years. The projected PE ratios for 2025, 2026, and 2027 are 17.22, 14.12, and 11.75 respectively [11][13]. Market Position and Strategy - The company is focusing on R&D investments to maintain its technological advantages across various sectors, including high-speed communication, automotive electronics, and consumer electronics. It aims to enhance its product offerings and expand its market share in high-end consumer products [7][8][9]. Future Outlook - The company anticipates continued growth in its automotive business due to the increasing penetration of AI applications in vehicles. It has strategically positioned its production capacity across multiple bases to meet future demand [6][10].