Bojay(002975)2025-03-05 11:14Group 1: Revenue Drivers - The company's future revenue drivers include technology innovation, focusing on optical detection R&D, and expanding product lines in electrical and RF capabilities [1] - The AI server business accounts for approximately 20% of total revenue, with ongoing detection services for N clients' self-developed server products [2] - The consumer electronics sector represents about 50% of the company's business, with significant investments in optical and visual detection equipment [3] Group 2: Automotive Electronics - The automotive electronics segment's revenue share was around 5%-10% in previous years, expected to rise to 15%-20% this year due to increased orders [4] - Key clients in the automotive sector include leading domestic and international new energy vehicle manufacturers [4] Group 3: Equipment and Technology - The company has developed higher-value MLCC-related equipment, with significant revenue potential as the industry recovers [6] - The semiconductor business has generated several tens of millions in revenue, focusing on process equipment and cutting, with a strategy to enter mini LED and Micro LED markets [6] Group 4: Acquisition and Synergy - The company acquired a 25% stake in Guanghao Jie, aiming for a total of 62.6343% voting rights, enhancing collaboration in camera module assembly and testing [7] - The integration with Guanghao Jie is expected to provide new growth opportunities and market coverage in the consumer and automotive electronics sectors [7] Group 5: Financial Performance - The decline in gross margin is attributed to product structure and high R&D costs due to insufficient scale [8] - The net profit margin for 2023 is negative, primarily due to goodwill impairment and inventory write-downs [8]