英杰电气(300820)2024年年报及2025年一季报点评：光伏领域业务有所承压 积极拓展半导体电源业务

Group 1 - The company achieved a revenue of 1.78 billion in 2024, a year-on-year increase of 0.59%, while the net profit attributable to shareholders was 323 million, a decrease of 25.19% [1] - In Q1 2025, the company reported a revenue of 325 million, a year-on-year decrease of 13.30% and a quarter-on-quarter decrease of 28.03%, with a net profit of 50 million, down 36.84% year-on-year but up 155.93% quarter-on-quarter [1] - The company is actively expanding its overseas market and strengthening receivables management to cope with the downturn in the domestic photovoltaic business, signing approximately 500 million in overseas photovoltaic orders in 2024 [1] Group 2 - In the semiconductor sector, the company achieved a revenue of 351 million in 2024, a year-on-year increase of 6.41%, with a gross margin of 53.98%, up 11.14 percentage points [2] - The company is increasing its research and development investment in the semiconductor equipment power supply sector, with a steady rise in order volume and core customer coverage [2] - The profit forecast for 2025-2027 has been adjusted downwards, with expected net profits of 403 million, 451 million, and 503 million respectively, corresponding to EPS of 1.82, 2.03, and 2.27 [2]