金信诺20250624

Summary of Jin Xin Nuo Conference Call Company Overview - Jin Xin Nuo was established in 2002 and has over 20 years of history, primarily manufacturing electrical wires and cables, successfully breaking the U.S. monopoly in certain cable sectors. The company went public in 2011 with stock code 300,252. The main business segments include traditional electrical wires and cables, special military projects, high-speed projects, and PCB projects. Traditional business accounts for 50%-60% of total revenue, approximately 1 to 1.2 billion CNY [3][4][5]. Key Business Segments and Financial Performance - Traditional Electrical Wires and Cables: Revenue remains stable, contributing 50%-60% of total revenue, around 1 to 1.2 billion CNY [2][3]. - High-Speed Projects: Revenue is expected to grow rapidly, reaching 340 million CNY in 2024. Collaborations with major firms like Inspur and H3C have been established, with samples sent to leading internet companies. Anticipated continued growth into 2026, with Marvell's AI chips potentially being a new growth driver [2][6]. - PCB Business: After integrating production capacities from Changzhou Antai Nuo and Ganzhou Xinfeng, losses have significantly decreased. Expected revenue for 2025 is around 300 million CNY, with a projected turning point in profitability as fixed asset depreciation completes in 2025-2026 [2][5]. Industry Dynamics - The high-speed project has become a leading enterprise in China, with PEACE 5.0 as the main product and a pre-research on version 6.0. The demand for internal cables in AI servers, especially ASIC servers, has significantly increased, leading to higher overall prices and growth opportunities for the high-speed cable business [2][6][7]. - The domestic market for H20 chips is expected to remain stable, while B20 chips face acceptance issues due to functionality limitations. Domestic computing power chips have improved in ecosystem development but still lag behind H20 in performance and cost [3][12][13]. Supply and Demand Situation - The industry is currently experiencing tight supply and demand, with production capacity being fully utilized or insufficient. This is driven by increased demand for digital infrastructure in China, improved customer trust, and supply disruptions from U.S. firms. The company anticipates a 30% increase in production capacity by August [17][16]. - The internal wiring cost in servers is approximately 5% of total costs, with internal wiring accounting for about 50% of that [19][18]. Future Outlook - The company expects revenue to grow from 170 million CNY in 2023 to 3.34 billion CNY in 2024, with optimistic projections for 2025 and 2026 due to the anticipated explosion in AEC and XPU markets [28][29]. - The AEC market is expected to see significant growth, particularly in domestic and overseas markets, with AEC gradually replacing MPO due to its cost-effectiveness [29]. Additional Insights - The company is actively expanding its overseas market presence, with a new factory in Thailand already operational. However, the domestic market remains the primary focus due to geopolitical challenges [34]. - The company has made significant investments in core network development, leading to stable revenue growth and the acquisition of large contracts [35]. This summary encapsulates the key points from the conference call, highlighting the company's performance, industry dynamics, and future outlook.