英杰电气(300820)：业绩短期承压 半导体射频电源打造新增长极

Core Viewpoint - The company demonstrated stable revenue growth in 2024, with a notable increase in profit margins in Q1 2025, despite some declines in specific product segments [1][2]. Financial Performance - In 2024, the company achieved a revenue of 1.78 billion, a year-on-year increase of 0.59%, with power control systems revenue at 1.184 billion, down 12.03% year-on-year, and special power revenue at 423 million, up 53.90% year-on-year [1]. - The net profit attributable to the parent company was 323 million, a decrease of 25.19% year-on-year, while the net profit excluding non-recurring items was 307 million, down 27.87% year-on-year [1]. - For 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% [1]. Profitability and R&D Investment - The gross profit margin for 2024 was 38.50%, an increase of 1.28 percentage points year-on-year, while the special power margin was 60.81%, up 13.30 percentage points year-on-year [2]. - R&D expenses reached 137 million in 2024, a year-on-year increase of 40.18%, indicating a sustained high level of investment in research and development [2]. Inventory and Cash Flow - As of Q4 2024, the company's inventory was 1.556 billion, down 15.35% year-on-year, while contract liabilities were 1.147 billion, up 1.00% year-on-year [3]. - The net cash flow from operating activities for Q4 was 256 million, an increase of 38.50% year-on-year [3]. Industry Outlook - The company is positioned as a leader in the domestic semiconductor power supply market, with increasing domestic substitution rates in photovoltaic and semiconductor products [4]. - The company is focusing on key processes in semiconductor etching and thin film deposition, with several RF power supply models already in mass production [4]. - The subsidiary is dedicated to developing and manufacturing electric vehicle charging stations, with plans for expansion into European and Asian markets [4]. Profit Forecast and Investment Rating - The net profit forecast for 2025-2026 has been revised down to 401 million and 498 million, respectively, with an expected net profit of 634 million in 2027 [5]. - The current market capitalization corresponds to a price-to-earnings ratio of 22.2/17.9/14.0 for the respective years, maintaining a "buy" rating based on growth potential [5].