Kinwong(SH:603228) Changjiang Securities·2025-09-14 14:12Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company achieved a revenue of 7.095 billion yuan in the first half of 2025, representing a year-on-year growth of 20.93%. However, the net profit attributable to shareholders decreased by 1.06% to 650 million yuan. The gross margin and net margin were 21.40% and 9.21%, reflecting a decline of 2.60 percentage points and 1.90 percentage points year-on-year, respectively [2][5] - In Q2 2025, the company reported a revenue of 3.752 billion yuan, a year-on-year increase of 20.08% and a quarter-on-quarter increase of 12.22%. The net profit attributable to shareholders was 325 million yuan, down 4.11% year-on-year and 0.03% quarter-on-quarter [2][5] Summary by Sections Automotive Electronics - The company maintains and expands its advantages in automotive electronics, focusing on the development of high-end AI markets. It has accumulated a large number of quality automotive clients, covering top global Tier 1 manufacturers and leading domestic OEMs. According to Prismark, the company has become the world's largest automotive PCB supplier in 2024 [12] Data Center - In the AI server sector, the company has accelerated mass production in the first half of 2025, enhancing its high-density HDI capabilities. The shipment of 800G optical modules has increased, and the company has established stable mass supply for several leading optical module clients, positioning itself for future product and technology opportunities [12] High-End HDI Factory Construction - The company plans to invest a total of 5 billion yuan in expanding its Zhuhai Jinwan base from 2025 to 2027. This includes a 1 billion yuan investment for technical upgrades and new AI server HDI production lines, a 3.2 billion yuan investment for a new high-end HDI factory with an annual capacity of 800,000 square meters, and an additional 800 million yuan to enhance key process capacities [12] Financial Projections - The company is expected to achieve net profits attributable to shareholders of 1.541 billion yuan, 2.023 billion yuan, and 2.408 billion yuan for the years 2025, 2026, and 2027, respectively. The corresponding price-to-earnings ratios at the current stock price are projected to be 34.88, 26.56, and 22.31 [12]