Kiwi Instruments(SH:688045) Huachuang Securities·2024-03-28 16:00Investment Rating - The report maintains a "Recommended" rating for the company [2][12]. Core Views - The company reported a revenue of 578 million yuan in 2023, representing a year-on-year increase of 10.01%. The gross margin was 23.57%, down by 4.39 percentage points year-on-year. The net profit attributable to the parent company was -19 million yuan, a decline of 150.24% year-on-year [12]. - In Q4 2023, the company achieved a revenue of 156 million yuan, with a year-on-year increase of 24.77% and a quarter-on-quarter increase of 28.80%. The gross margin for this quarter was 23.01%, up by 7.39 percentage points year-on-year [12]. - The company is actively expanding its product matrix and enhancing market presence, which is expected to drive revenue growth. The semiconductor industry is showing signs of recovery, and domestic PMIC manufacturers are likely to benefit from this trend [12]. - The company has increased its R&D investment, which accounted for 27.54% of revenue in 2023, up by 5.62 percentage points year-on-year. This investment is aimed at expanding product categories and applications [12]. Financial Summary - Total revenue projections for 2024, 2025, and 2026 are 713 million yuan, 910 million yuan, and 1,113 million yuan, respectively, with year-on-year growth rates of 23.2%, 27.7%, and 22.3% [3][12]. - The net profit attributable to the parent company is projected to be 24 million yuan in 2024, 55 million yuan in 2025, and 95 million yuan in 2026, with corresponding growth rates of 225.4%, 130.9%, and 71.4% [3][12]. - Earnings per share (EPS) are expected to be 0.35 yuan in 2024, 0.80 yuan in 2025, and 1.37 yuan in 2026 [3][12].