FRD(300602) 北京韬联科技·2024-05-31 12:30Company Overview and Performance - The company's products are widely used in network communications, data centers (servers), consumer electronics, new energy vehicles, artificial intelligence, photovoltaic energy storage, medical and home appliances [39] - The company's revenue composition by application area: consumer electronics 38%, communications 27%, new energy (new energy vehicles, photovoltaic and energy storage) 35% [1] - In 2023, the company's operating income was 4.346 billion yuan, a year-on-year increase of 5.37%, and net profit attributable to the parent company was 103 million yuan [17] - In Q1 2024, the company achieved high growth with operating income of 982 million yuan, a year-on-year increase of 27.05%, net profit attributable to the parent company of 24 million yuan, a year-on-year increase of 194.07%, and non-GAAP net profit of 20 million yuan, a year-on-year increase of 159.03% [18] Key Business Segments and Concepts - The company provides products related to new energy vehicle battery packs, such as battery end plates, battery covers, flexible connections, liquid cooling plates, fluororubber, and thermal conductive paste [5] - The company has products applied in drones [6] - The company has obtained supply qualifications from major customers in the photovoltaic inverter industry, including Huawei, Sungrow, and Growatt, providing products such as die-casting parts, special radiators, liquid cooling plates, thermal interface materials, and shielding materials [7] - The company has been involved in the development of AI PC products since the first generation of the Surface series and maintains a long-term cooperative relationship with Microsoft [20] - The company has products applied in VR/AR/MR, with major clients being Microsoft and Meta [21] - The company's new production capacity includes 660,000 sets of energy storage components, 660,000 sets of energy storage chassis shells, 1.32 million sets of energy storage chassis panels, 396 million sets of connecting pieces, 720,000 sets of liquid cooling plates, and 360,000 sets of battery pack covers [22] - The company has been cooperating with Huawei since 1997 and is an important supplier in areas such as mobile phones, notebooks, servers, communication equipment, new energy vehicles, and energy storage [23] Market Trends and Catalysts - The AI PC replacement wave is expected to begin, with the proportion of AI smartphone shipments potentially increasing to 54% by 2028 [9] - The Taipei International Computer Show (COMPUTEX2024) will be held from June 4 to 7, 2024, where major tech companies like NVIDIA, AMD, Qualcomm, and Intel will showcase their latest AI PC products and technologies [8] - Microsoft plans to launch Windows 11 AI PCs equipped with Copilot starting from June 18, with the first devices featuring a new AI Copilot activation button on the keyboard [9] - Apple's WWDC24 global developer conference will be held from June 10 to 14, 2024 [25] - Smartphone manufacturers such as OPPO, Honor, Xiaomi, and Samsung have showcased new AI-enabled phones and plan to release AI technologies in June to gain market share ahead of Apple [26] Institutional and Investor Activity - On May 7, 43 institutions participated in the company's research [27] - The company's gross margin has been gradually recovering, with each quarter showing a sequential increase, and is expected to further improve with increased capacity utilization [10] - In Q1 2024, a new private equity fund entered the company's top ten circulating shareholders, and two individual shareholders increased their holdings [34] - The number of shareholders has slightly decreased, while the average number of shares held per household has slightly increased [35] Financial Performance - The company's operating income and net profit have shown fluctuations over the years, with operating income increasing from 2.615 billion yuan in 2019 to 4.346 billion yuan in 2023, and net profit attributable to the parent company fluctuating from 351 million yuan in 2019 to 103 million yuan in 2023 [4] - In Q1 2024, the company's operating income was 982 million yuan, a year-on-year increase of 27.05%, and net profit attributable to the parent company was 24 million yuan, a year-on-year increase of 194.07% [18]