KEBODA(SH:603786)2024-06-03 10:26Group 1: Investor Relations Activities - The company conducted investor relations activities in May 2024, hosting multiple visits from various financial institutions including Huatai Securities and Nomura Securities [1][2][3][4][5][6][7][8][9][10][11][12] Group 2: Financial Performance - In 2023, the top five end customers accounted for 74.84% of total revenue, a decrease of 5.56 percentage points year-on-year. In Q1 2024, this figure dropped to 67.83%, down 10.34 percentage points, while other customers' revenue share increased to 32.17% [6] - The company achieved total revenue of 141.72 million yuan in Q1 2024, with main business revenue of 138.18 million yuan, reflecting a year-on-year growth of 54.39% [6] - Revenue breakdown for Q1 2024: - Lighting control systems: 73.22 million yuan (up 58.31%) - Motor control systems: 23.10 million yuan (up 19.32%) - Energy management systems: 15.01 million yuan (up 241.91%) - Automotive electronics: 21.19 million yuan (up 28.47%) [6][7] Group 3: Project and Client Development - In 2023, the company secured 73 new projects from major clients including BMW, Audi, and Ford, with an expected total lifecycle sales of over 10 million units [7] - The company has 145 ongoing projects as of the end of 2023, with an expected total lifecycle sales of 25 million units [7] - The company was awarded the next-generation LED headlight controller project from Audi, covering multiple platforms within the Volkswagen Group, with a lifecycle expected to exceed 10 years [8] Group 4: Research and Development - R&D expenses have shown a compound annual growth rate of 13.43% over the past three years, with expenditures of 304 million yuan, 374 million yuan, and 444 million yuan from 2021 to 2023, representing 10.83%, 11.06%, and 9.59% of revenue respectively [9] - The company aims to focus on product innovation and core technology development, expecting a stabilization in the proportion of R&D expenses to revenue as new products are launched [9] Group 5: International Expansion - The company is accelerating its internationalization strategy, with plans to establish manufacturing bases in Europe and North America, following the successful establishment of a factory in Japan in 2023 [12] - The goal is to meet global clients' localization and supply chain security requirements, enhancing the company's ability to secure new projects in target regions [12]