StarPower(SH:603290) Xin Lang Cai Jing·2025-04-29 02:40Core Viewpoint - The company reported a revenue of 3.391 billion yuan in 2024, a year-over-year decrease of 7.44%, and a net profit of 508 million yuan, down 44.24%, which was below the expected 630 million yuan [1] - The decline in revenue was primarily due to price reductions in the downstream new energy vehicle sector and inventory destocking in the photovoltaic industry, alongside increased depreciation pressure from new production lines and higher R&D investments [1] Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of 919 million yuan, representing a year-over-year increase of 14.22% but a quarter-over-quarter decrease of 5.84%, with a net profit of 104 million yuan, down 36.22% year-over-year but up 22.94% quarter-over-quarter [1] - The revenue from IGBT modules accounted for over 90% in 2024, with industrial, new energy, and home appliance sectors contributing 32%, 59%, and 8% respectively, showing year-over-year changes of -14%, -6.8%, and +34.2% [2] Group 2: Market and Product Strategy - The new energy vehicle sector showed resilience with a revenue growth of 26.7%, exceeding 3 million units in installed capacity and over 40% growth in shipments, particularly in Europe with significant deliveries to Tier 1 customers [2] - The company plans to optimize its product structure in 2025, focusing on increasing shipments of automotive-grade IGBT modules and silicon carbide (SiC) modules, while actively expanding into new business areas such as IPM and MCU [1][3] Group 3: Future Outlook - For 2025, the company aims to deepen its high-end strategy with a focus on automotive-grade power modules, leveraging collaborations with major automotive manufacturers and expanding its global footprint [3] - The company has acquired 80% of Meiken Semiconductor, which specializes in the white goods sector, to create a comprehensive smart power solution [3] Group 4: Valuation and Projections - The target price is set at 88.97 yuan, maintaining a "buy" rating, with revenue forecasts for 2025 and 2026 adjusted down by 9% and 12% to 4.078 billion yuan and 4.851 billion yuan respectively, and a new forecast for 2027 at 5.684 billion yuan [4] - The net profit forecasts for 2025 and 2026 have been reduced by 24% and 22% to 620 million yuan and 810 million yuan respectively, with a new forecast for 2027 at 1.04 billion yuan [4]