Investment Rating - The report assigns a "Recommended" investment rating to the company [3][6]. Core Viewpoints - The company focuses on customized intelligent electronic modules and printed circuit boards (PCBs), which can meet the rapid technological iteration demands of downstream products. It is expected to achieve sustained growth through the introduction of new customers and projects [2][3][42]. Company Business Structure - The company, established in 2003, is a high-tech enterprise primarily engaged in the design, research and development, production, and sales of customized intelligent electronic modules and PCBs. It is recognized as a national-level specialized and innovative "little giant" enterprise. Its main products include automotive EPS steering modules, automotive rear camera modules, and various medical and communication modules [4][17]. Financial Analysis - In the first half of 2024, the company achieved a revenue of 167.31 million yuan, a year-on-year increase of 19.83%, and a net profit attributable to shareholders of 10.28 million yuan, up 17.80% year-on-year. The gross margin was 28.73%, and the net margin was 6.14% [24][29]. - The company’s R&D expenses for the first half of 2024 were 11.58 million yuan, with an R&D expense ratio of 6.92%. It obtained 8 new patents, including 5 invention patents and 3 utility model patents [24][29]. Industry and Company Project Analysis - The module industry is positioned in the midstream of the electronic information manufacturing industry chain, playing a crucial role in connecting upstream and downstream sectors. The PCB serves as the main component of modules, essential for signal transmission and connection [34][36]. - The report highlights that the company has been actively investing in product R&D and has made significant progress in narrowing the technology gap with advanced domestic enterprises [36][42]. Profit Forecast and Investment Rating - The company is expected to achieve revenues of 369 million yuan, 448 million yuan, and 547 million yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 20.71%, 21.41%, and 22.10%. The net profits are projected to be 32 million yuan, 39 million yuan, and 48 million yuan for the same years, with corresponding growth rates of 20.50%, 22.75%, and 22.17% [42][45].
则成电子首次覆盖报告：专注柔性电子领域，技术驱动受益下游增长