Sunlord(002138)2024-12-27 10:25Group 1: Automotive Electronics Business - The automotive electronics sector is a key area for future growth, with a focus on new products and applications [1] - The company has seen a 90.47% increase in automotive electronics revenue last year, despite a decline in overall new energy vehicle sales [1] - The company aims to maintain healthy growth in the automotive sector by expanding its market share with core customers [1] Group 2: Demand for Soft Magnetic Powder - Soft magnetic powder is primarily used in the manufacturing of integrated power inductors, with the company possessing self-developed materials and custom formulation capabilities [2] - The company utilizes self-developed materials for small batch trials and procures materials from suppliers for mass production [2] Group 3: Pricing and Cost Control - The automotive electronics industry is under significant competitive pressure, but the company’s product fundamentals remain strong, with a revenue growth exceeding 90% year-on-year for automotive electronics and energy storage [2] - The company maintains stable pricing and gross margin levels for its automotive products, despite cost pressures from the supply chain [2] Group 4: AI Integration and Market Trends - The rise of AI in smartphones is expected to increase demand for passive components, as AI functionalities require more integrated components [2] - The trend towards miniaturization in smartphones will lead to higher technical requirements for magnetic components [2] Group 5: AI Servers and Data Centers - AI servers and data centers represent a strategic market for the company, with products applicable in power management modules [2] - The company has established collaborations with major clients to develop new products for high-current power inductors, benefiting from the rapid growth in this market [2] Group 6: Maintaining Gross Margin - The company has consistently invested in R&D and management innovation, maintaining an average gross margin above industry levels [2] - In Q1 2024, the company achieved a sales gross profit of 156.52 million, a 22.53% increase year-on-year, with a gross margin of 37.93% [2] - Continuous improvements in production efficiency and participation in early-stage product development for key clients contribute to maintaining high gross margins [2] Group 7: Future Capital Expenditure - Future capital expenditures will focus on new fields, applications, and product capacity investments, while long-term infrastructure spending will decrease [2]