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Cautiously Optimistic On Inari

Cautiously Optimistic On Inari

对伊那里持谨慎乐观态度
Business Today ·  08/28 23:42

Inari Amertron Berhad (Inari) has outlined its growth strategy following its fourth-quarter financial results for FY24. Analysts at MIDF have maintained a NEUTRAL recommendation on the company, with a target price set at RM3.25, reflecting cautious optimism as Inari navigates the evolving semiconductor landscape.

Inari Amertron Berhad(Inari)在其财年24第四季度财务业绩公布后概述了其增长策略。MIDF的分析师维持了对该公司的中立推荐,并将目标价设定为RM3.25,反映出对Inari在不断变化的半导体行业中的谨慎乐观。

The company reported a 22.1% year-on-year increase in normalised earnings for 4QFY24, amounting to RM59.5 million, largely due to higher loading volumes in its radio frequency (RF) and optoelectronics segments. Despite this positive performance, the cumulative normalised earnings for FY24 showed a slight contraction of 1.9% year-on-year, totalling RM302.1 million. This decline in profit margins was primarily due to higher electricity costs and the introduction of lower-margin products. Management anticipates that profit margins will stabilise between 20% to 25% in the near term, with the lower range expected to prevail until volume loading improves.

公司报告,在第4季度财年24,归一化收益同比增长22.1%,达到了5950万令吉,这主要是由于其无线射频(RF)和光电子领域的装载量增加。尽管业绩表现积极,但财年24的累积归一化收益显示出了轻微的同比下降,总额为30210万令吉。利润率下降主要是由于电力成本上升和低毛利产品的推出。管理层预计利润率将在近期稳定在20%至25%之间,较低区间预计将在装载量改善之前占主导地位。

The RF business remains a key driver for Inari, contributing 61% to total revenue, which increased by 12.9% year-on-year to RM902 million. The optoelectronics segment also saw revenue growth of 9.2% year-on-year, reaching RM488 million. Analysts expect this revenue distribution to continue as Inari ramps up production for the anticipated launch of a new AI-enabled flagship phone, which is projected to drive higher average selling prices due to increased chip density.

RF业务仍然是Inari的关键推动力,为总营收贡献了61%,同比增长12.9%,达到了90200万令吉。光电子领域的收入也同比增长了9.2%,达到了48800万令吉。分析师预计这种收入分布将继续,因为Inari加大了为预计中的推出新一代人工智能(AI)旗舰手机的生产,这将推动由于芯片密度增加而导致的更高平均销售价格。

In addition to its core RF business, Inari is making strides in its non-RF segments, including memory modules, higher power LEDs, Edge AI packaging, optoelectronics, power management, and sensors/optocouplers. The company invested RM181 million in capital expenditures for FY24, with a planned reduction to RM150 million for FY25. Research and development expenses were RM17 million, with a planned increase to RM20 million in FY25 to support advancements in packaging technology and autonomous manufacturing.

除了其核心RF业务,Inari正在积极推进非RF领域,包括存储模块、更高功率LED、Edge人工智能封装、光电子、电源管理和传感器/光耦合器。该公司在财年24投资了18100万令吉用于资本支出,并计划在财年25将其减少至15000万令吉。研发费用为1700万令吉,并计划在财年25增加至2000万令吉,以支持封装技术和自主制造的进展。

In response to intermittent electricity supply issues impacting operations, Inari is integrating solar power into its facilities as part of its environmental, social, and governance (ESG) efforts. Additionally, the company is establishing a RM10 million power plant to support its wafer processing business.

为了解决影响运营的间歇性电力供应问题,Inari正在将太阳能纳入其设施中,作为其环境、社会和管治(ESG)努力的一部分。此外,该公司正在建立一个价值1000万令吉的电厂,以支持其晶圆加工业务。

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