南大光电(300346)：下游面板和半导体需求渐回暖 公司业绩稳步增长

Core Viewpoint - The company reported a revenue of 627 million yuan for Q1 2025, representing a year-on-year increase of 23.19%, and a net profit attributable to shareholders of 96 million yuan, up 16.38% year-on-year [1][2]. Financial Performance - In Q1 2025, the company achieved a revenue of 627 million yuan, with a year-on-year growth of 23.19% [1][2]. - The net profit attributable to shareholders was 96 million yuan, reflecting a year-on-year increase of 16.38% [1][2]. - The net profit after deducting non-recurring items was 76 million yuan, which is a year-on-year increase of 22.80% [1]. Market and Industry Trends - The recovery in the downstream panel and semiconductor industries is driving positive performance growth for the company [2]. - Global shipments of large-size LCD panels increased by 12.1% year-on-year to 222 million pieces in Q1 2025 [2]. - China's semiconductor production reached 76.72 billion chips in January-February 2025, marking a year-on-year growth of 4.4% [2]. Strategic Moves - The company completed the acquisition of a 16.54% stake in Quanjiao Nanda for 229.8 million yuan [3]. - The company decided to terminate the "Hexafluorobutadiene Industrialization Project" and will use the remaining funds to supplement working capital [3]. - The company sold the Hexafluorobutadiene project assets to Shandong Qixin Gas Co., Ltd. for 69.03 million yuan [3]. Cost Management - The total expense ratio for Q1 2025 was 18.52%, down 7.63 percentage points from 26.15% in the same period of 2024 [3]. - The sales, management, R&D, and financial expense ratios were 2.91%, 8.38%, 6.55%, and 0.68%, respectively, all showing a decrease compared to the previous year [3]. Investment Outlook - The company is expanding its core fluorine gas projects and expects significant growth in its specialty gas business [4]. - The semiconductor precursor materials are achieving stable mass production, contributing to a notable increase in IC revenue [4]. - The company forecasts net profits of 362 million yuan, 443 million yuan, and 536 million yuan for 2025-2027, maintaining a "recommended" rating [4].