S.C(SZ:300724) Xin Lang Cai Jing·2025-05-07 06:42Core Viewpoint - The company TOPcon is entering a harvest period for orders, with rapid revenue and performance growth expected in 2024 and Q1 2025. The company has established a business matrix in photovoltaic, semiconductor, and lithium battery equipment, actively working towards becoming a platform-type company [1]. Investment Highlights - The company is adjusting its EPS estimates for 2025 and 2026 to 6.31 and 4.19 CNY respectively, with a new EPS estimate for 2027 at 3.81 CNY. The target price is lowered to 69.41 CNY, maintaining a buy rating based on a 2025 PE of 11 times, compared to the average PE of 10.75 times for comparable companies [2]. - The company expects steady growth in 2024, with projected revenue of 18.887 billion CNY, a year-on-year increase of 116.26%, and a net profit of 2.764 billion CNY, up 69.18%. For Q1 2025, the revenue is expected to be 4.099 billion CNY, a year-on-year increase of 58.95%, with a net profit of 708 million CNY, up 22.42% [2]. Profitability Analysis - The company's profitability shows short-term fluctuations, with a gross margin of 26.46% and a net margin of 14.65% for 2024, reflecting year-on-year changes of -2.49 percentage points and -4.12 percentage points respectively. For Q1 2025, the gross margin and net margin are 27.52% and 17.28%, showing year-on-year declines of -5.42 percentage points and -5.21 percentage points [3]. - In terms of expense management, the company reported sales, management, R&D, and financial expense ratios of 0.88%, 1.14%, 3.44%, and -0.73% for 2024, with year-on-year changes of -1.75 percentage points, -0.93 percentage points, -1.91 percentage points, and +1.41 percentage points. For Q1 2025, these ratios were 0.85%, 0.96%, 3.95%, and -0.41%, with similar year-on-year changes [3]. Equipment Layout and Technological Development - The company is actively developing a technology platform across multiple sectors. In the photovoltaic equipment sector, it continues to innovate and improve product quality for new technology routes such as TOPCon, HJT, XBC, and perovskite. In the semiconductor equipment sector, its subsidiary has won orders for silicon carbide wet processing equipment, demonstrating the ability to replace imported equipment while expanding into the European and Asian markets [4]. - In the lithium battery equipment sector, the company has successfully launched its self-developed double-sided copper foil sputtering coating equipment and has delivered new vacuum winding aluminum foil coating equipment and thin-film capacitor winding coating equipment to customers [4].