SHENGYI ELECTRONICS CO.(SH:688183) 招商电子·2025-03-02 11:24Core Viewpoint - The company reported a significant turnaround in its financial performance for 2024, with a revenue of 4.69 billion, a year-on-year increase of 43.2%, and a net profit of 332 million, compared to a loss of 25 million in the same period last year, driven by product structure optimization and market demand for high-performance printed circuit boards [2][3]. Financial Performance - The Q4 performance exceeded guidance, with a revenue of 1.51 billion, a year-on-year increase of 70.9% and a quarter-on-quarter increase of 25.0%. The net profit for Q4 was 145 million, compared to a loss of 7 million in the same period last year, reflecting strong demand for AI server products from Amazon [3]. - The company achieved a significant improvement in its financials, with a non-GAAP net profit of 130 million in Q4, compared to a loss of 16 million in the same period last year, indicating a robust recovery [3]. Market Outlook - For 2025-2026, the company is expected to continue benefiting from growth in communication networks, AI servers, and automotive electronics. It is focusing on optimizing its product structure in the server field and has developed several high-margin AI server products [4]. - The company is actively collaborating with leading clients in the communication network sector to develop advanced PCB products for 5.5G, 6G, satellite communication, and optical modules, which are expected to enhance product pricing [4]. - In the automotive electronics sector, the company is strengthening partnerships with global leaders in smart driving and electric vehicles, leading to rapid growth in new customer orders [4]. Investment Recommendation - The company has established a strong competitive position in the communication network, high-performance computing (HPC), and automotive electronics sectors, with a focus on core technologies and mainstream client resources. The ongoing release of new production capacity is expected to support sustained growth in these key business areas [4].