SHENGYI ELECTRONICS CO.(SH:688183) 招商电子·2025-03-28 14:12Core Viewpoint - The company reported a significant turnaround in its financial performance for 2024, with a revenue increase of 43.2% year-on-year, driven by high demand for advanced multi-layer printed circuit boards, particularly in AI-related orders [1][2]. Financial Performance Summary - In 2024, the company achieved a total revenue of 4.69 billion, with a net profit of 0.332 billion, compared to a loss of 0.025 billion in the previous year. The gross margin improved to 22.7%, up by 8.2 percentage points, and the net margin reached 7.1%, an increase of 7.9 percentage points [1]. - In Q4 2024, revenue reached 1.51 billion, marking a year-on-year increase of 70.9% and a quarter-on-quarter increase of 25.0%. The net profit for this quarter was 0.145 billion, compared to a loss of 0.007 billion in the same period last year [1]. Product Application Areas - Telecommunications: The company made significant progress in high-speed network infrastructure, achieving breakthroughs in 800G switches and completing preliminary R&D for satellite communications, with mass production expected in 2025 [2]. - Server Sector: AI server products saw substantial growth, with revenue share rising to 49.0%. The company plans to increase R&D investment and expand production capacity to meet high-end product demand [2]. - Automotive Electronics: The company is steadily advancing in smart driving, power energy, and intelligent cockpit products, with expectations for continued rapid growth [2]. Future Growth Prospects - The company is positioned for multi-faceted growth in AI servers, 800G switches, satellite communications, and automotive electronics from 2025 to 2026. It is optimizing its product structure in the server sector and has developed several key clients, including Amazon [3]. - In the telecommunications sector, the company is actively collaborating with leading clients to develop products for 5.5G, 6G, satellite communications, and optical modules, with expectations for increased product pricing [3]. - In automotive electronics, the company is enhancing partnerships with global leaders in the electric vehicle sector, aiming for rapid growth in new customer orders [3]. Investment Outlook - The company has a strong competitive edge due to its deep engagement in telecommunications, high-performance computing (HPC), and automotive electronics, with a focus on core technologies and mainstream client resources. The ongoing release of new production capacity is expected to benefit its three main business lines, initiating a new growth cycle [4].