盛剑科技(603324)：半导体领域订单充足 产能建设持续推进

Core Insights - The company's performance declined due to fluctuations in downstream industries, with a continuous increase in the semiconductor business's share [2][3] - In 2024, the company achieved operating revenue of 1.451 billion yuan, a year-on-year decrease of 21%, and a net profit attributable to shareholders of 120 million yuan, down 28% [2][3] Financial Performance - Operating revenue for 2024 was 1.451 billion yuan, with a net profit of 120 million yuan and a non-recurring net profit of 106 million yuan [2] - Revenue by industry: Integrated circuit sector generated 1.002 billion yuan (down 20% YoY), semiconductor display sector generated 342 million yuan (up 26% YoY), and the new energy sector generated 93 million yuan (down 68% YoY) [2] - Revenue by product: Green factory system revenue was 969 million yuan (down 20% YoY), equipment and key components revenue was 451 million yuan (down 24% YoY), and electronic chemical materials revenue was 28.73 million yuan (up 104% YoY) [2] Business Development - The company focused on core businesses, achieving positive progress in subsidiary equipment and electronic chemical products [3] - Revenue from semiconductor subsidiary equipment and key components reached 128 million yuan, a 74% increase YoY, with 432 units sold (up 73% YoY) [3] - The company completed the R&D testing of L/S combustion water washing dual-chamber models and received orders from leading integrated circuit clients [3] Capacity Expansion and Internationalization - New factories in Huizhou, Guangdong, and Xiaogan, Hubei, were successfully put into operation, establishing three major manufacturing centers [3] - The "Domestic Semiconductor Process Auxiliary Equipment and Key Components Project (Phase I)" in Shanghai officially commenced production in March 2025, ensuring capacity for semiconductor auxiliary equipment and electronic chemical products [4] - The company's overseas headquarters in Singapore opened, successfully securing several orders in Southeast Asia, marking a solid step in international business expansion [4] Profit Forecast - Projected operating revenues for 2025-2027 are 1.742 billion yuan, 2.007 billion yuan, and 2.214 billion yuan, with year-on-year growth rates of 20.08%, 15.19%, and 10.33% respectively [4] - Expected net profits for the same period are 178 million yuan, 203 million yuan, and 234 million yuan, with growth rates of 48.08%, 14.42%, and 15.15% respectively [4] - Corresponding PE ratios based on the closing price on April 23, 2025, are projected to be 20.23, 17.68, and 15.35, with EPS of 1.19, 1.36, and 1.57 yuan [4]