Kiwi Instruments(SH:688045) Minsheng Securities·2024-04-30 07:30Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [10][11]. Core Insights - The company reported a revenue of 136 million yuan in Q1 2024, showing a year-over-year growth of 2.48% but a quarter-over-quarter decline of 12.98%. The net profit attributable to the parent company was 280,000 yuan, marking a turnaround from losses in previous periods [10]. - The company is focusing on optimizing its product structure, which has led to an increase in gross margin to 26.59%, reflecting a 3.57 percentage point increase from the previous quarter. Inventory levels have also decreased, indicating signs of recovery in business operations [10]. - The company is expanding its product offerings in various downstream applications, including new consumer electronics, industrial control, network communications, data centers, and automotive electronics. The introduction of new products is progressing well, with significant advancements in AC-DC, LED drivers, DC-DC converters, battery management chips, and motor drivers [10]. - Future profit projections estimate net profits of 24 million yuan, 61 million yuan, and 105 million yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings ratios of 77, 30, and 18 times [10][12]. Financial Summary - The company is expected to achieve total revenue of 578 million yuan in 2024, with a growth rate of 10.01% [7][12]. - The net profit attributable to the parent company is projected to be 24 million yuan in 2024, reflecting a significant recovery from a loss of 19 million yuan in 2023 [7][12]. - The earnings per share are forecasted to be 0.35 yuan in 2024, increasing to 1.52 yuan by 2026 [12].