Kiwi Instruments(SH:688045) Huachuang Securities·2024-04-29 13:02Investment Rating - The report maintains a "Recommended" rating for the company, indicating expected performance to exceed the benchmark index by 10%-20% over the next six months [24]. Core Views - The company's profitability is continuously improving, with a recovery in the industry cycle and the successful launch of new products expected to drive gradual performance enhancement [24]. - The company is expanding its product matrix and strategically focusing on high-margin products, leading to steady revenue growth and improved profitability [24]. - The report anticipates that the domestic PMIC manufacturers will benefit from the recovery in terminal demand and accelerated domestic substitution [24]. Financial Summary - For 2024Q1, the company achieved revenue of 136 million yuan, representing a year-on-year increase of 2.48% and a quarter-on-quarter decrease of 12.98% [42]. - The gross margin for the same period was 26.59%, with a year-on-year increase of 4.15 percentage points and a quarter-on-quarter increase of 3.58 percentage points [42]. - The net profit attributable to the parent company turned positive, while the net profit after deducting non-recurring items showed a reduced loss [24][42]. - The company’s R&D investment accounted for 27.54% of revenue, an increase of 5.62 percentage points year-on-year, indicating a strong commitment to innovation and product development [24]. Revenue and Profit Forecast - The forecast for net profit attributable to the parent company for 2024-2026 is 24 million, 55 million, and 95 million yuan, respectively, corresponding to EPS of 0.35, 0.80, and 1.37 yuan [24]. - The expected revenue growth rates are 23.2% for 2024, 27.7% for 2025, and 22.3% for 2026, reflecting a positive outlook for the company's financial performance [8][24]. Market Position and Strategy - The company has established itself as a leading supplier in the driver IC and AC/DC markets, actively expanding into new product areas such as DC/DC, motor/driver, and battery management systems [24]. - The report highlights the company's proactive approach in developing high-power applications and new product lines, which positions it well for future growth [24].