英杰电气(300820)：业绩短期承压 半导体射频电源迈向5NM先进制程

Core Insights - The company reported a revenue of 1.78 billion yuan for 2024, a year-on-year increase of 0.6%, while the net profit attributable to shareholders was 320 million yuan, down 25.2% year-on-year [1] - The gross margin for 2024 was 38.5%, an increase of 1.3 percentage points year-on-year, while the net margin was 18.8%, a decrease of 5.5 percentage points year-on-year [1] - For Q1 2025, the company reported a revenue of 330 million yuan, a year-on-year decline of 13.3%, and a net profit of 50 million yuan, down 37% year-on-year [1] Revenue Structure - Revenue from the photovoltaic sector was 870 million yuan, down 10.3% year-on-year, with a gross margin of 28.5%, a decrease of 2.4 percentage points [1] - Revenue from the semiconductor sector was 350 million yuan, up 6.4% year-on-year, with a gross margin of 54%, an increase of 11.1 percentage points [1] - Other sectors generated revenue of 550 million yuan, a year-on-year increase of 18.9%, with a gross margin of 44.6%, down 2 percentage points [1] Orders and Inventory - As of the end of Q1 2025, the company's contract liabilities reached 1.18 billion yuan, a year-on-year decline of 0.5% [2] - Inventory stood at 1.57 billion yuan, down 14.2% year-on-year [2] Key Highlights - The company is focusing on key semiconductor processes such as etching, CVD/PECVD, and ion implantation, while also expanding into emerging fields like silicon carbide epitaxy and composite copper foil [2] - Some models of RF power supplies have achieved mass production, covering advanced processes like 5nm etching [2] - The semiconductor sector has become the company's second-largest revenue source after photovoltaics, with a subsidiary generating 180 million yuan in revenue and a net profit of 63 million yuan in 2024 [2] Company Strategy - The company is closely tied to leading semiconductor equipment and wafer factory clients, anticipating accelerated growth in semiconductor RF power supply to boost overall performance [2] - The company is a leader in photovoltaic power supplies, holding over 70% market share in silicon material power supplies and 75-80% in silicon wafer power supplies [3] - The company is also expanding its production capacity for charging piles, targeting an increase of 412,000 units per year, with expectations of significant growth in overseas markets over the next 2-3 years [3] Investment Outlook - The company is expected to see substantial growth in its photovoltaic, semiconductor power supply, and charging pile storage sectors, with projected net profits of 450 million yuan, 540 million yuan, and 710 million yuan for 2025-2027, representing year-on-year growth rates of 39%, 21%, and 31% respectively [3]