Kinwong(603228) 北京韬联科技·2024-05-22 13:00Investment Rating - The report does not explicitly mention an investment rating for the company [1] Core Views - The company's automotive business has shown rapid growth, with revenue from this segment exceeding 40% for the first time in the first three quarters of 2023 [6] - The company's products are widely used in automotive electronics, including ADAS, smart cabins, and body control systems, with ADAS and smart cabin products accounting for over 30% of the automotive business [6][38] - The company has achieved significant growth in high-end products such as cameras, radar, and domain controllers [6] - The company's 800G optical module components have been verified by multiple customers and are in mass production [14][22] - The company is involved in low-orbit satellite communication, with multiple PCB products already in mass production [13][47] - The company is a qualified supplier for NVIDIA and is participating in the development and verification process of AI server products [21] - The company has established strategic partnerships with multiple PC customers and is preparing for the expansion of product categories in the AI phone and AI PC markets [24][48] Financial Performance - In 2023, the company achieved revenue of 10.757 billion yuan, a year-on-year increase of 2.31%, and net profit attributable to shareholders of 936 million yuan, a year-on-year decrease of 12.16% [29] - In Q1 2024, the company achieved revenue of 2.74 billion yuan, a year-on-year increase of 17%, and net profit attributable to shareholders of 318 million yuan, a year-on-year increase of 50% [30] - The company's net profit in Q1 2024 was the second-highest since 2020 [19] - The company's revenue and net profit have shown consistent growth since 2019 [30] Product and Market Focus - The company's products are widely used in automotive electronics, industrial control, medical, consumer electronics, data centers, and communication fields [15][16] - The company has five major production bases in China, with a total of 11 factories [15] - The company's products include PCB, FPC, HDI, aluminum substrate, thick copper board, and high-frequency radar board, which are used in various applications such as motor control, ADAS, smart cabins, and BMS [6][16] - The company is actively involved in the development of AI servers, low-orbit satellite communication, and 800G optical modules [14][21][47] Shareholder and Market Behavior - The top ten shareholders hold a high proportion of the company's shares, with the top ten circulating shareholders holding around 78% of the shares since 2020 [8][40] - The number of shareholders decreased to 28,632 at the end of Q1 2024, with an average holding of 29,000 shares per shareholder [51] - Northbound funds have significantly increased their holdings in the company since March [52] - The company's financing activities have been active recently [41][55] Industry Trends - The company benefits from the rapid penetration of automotive electrification and intelligence, with its automotive business growing rapidly [6][50] - The development of AI servers and the strong sales of new energy vehicles have driven demand for automotive electronics and PCB boards [35] - The integration of low-orbit satellite construction and mobile communication technology in the 6G era is expected to enable emerging technologies such as smart cities, vehicle networking, and remote medical care [36][47]