晶盛机电(300316)：光伏+半导体装备双驱布局 材料板块技术规模领先

Core Viewpoint - The company is experiencing a temporary decline in profitability, with a slight decrease in revenue and a significant drop in net profit for the year 2024, while also showcasing advancements in technology and product offerings in the semiconductor and photovoltaic sectors [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 17.577 billion, a year-on-year decrease of 2.26% - The net profit attributable to shareholders was 2.510 billion, down 44.93% year-on-year - The net profit after deducting non-recurring items was 2.459 billion, a decrease of 43.80% year-on-year - In Q4 2024, the company reported operating revenue of 3.099 billion, with a quarter-on-quarter decline of 31.47% and a year-on-year decline of 28.45% - The net profit attributable to shareholders for Q4 2024 was -0.450 billion, with a quarter-on-quarter decline of 143.13% and a year-on-year decline of 152.13% - In Q1 2025, operating revenue was 3.138 billion, with a quarter-on-quarter decline of 30.42% but a year-on-year increase of 1.26% - The net profit attributable to shareholders for Q1 2025 was 0.573 billion, with a quarter-on-quarter decline of 46.44% but a year-on-year increase of 227.26% [1][2]. Profitability and Cash Flow - The gross margin and net margin for 2024 were 33.35% and 15.16%, respectively, down 8.30 percentage points and 14.38 percentage points year-on-year - The company made provisions for bad debts amounting to 0.250 billion and recorded inventory impairment provisions totaling 0.960 billion, which were the main reasons for the profit decline - In Q1 2025, contract liabilities were 3.843 billion, a decrease of 31.7% compared to the beginning of the year - The operating net cash flow in Q1 2025 increased by 223.97% year-on-year to 0.395 billion, indicating improved cash recovery from inventory reduction [2]. Technological Advancements - The company is accelerating technological iterations in the equipment and materials sectors, focusing on both photovoltaic and semiconductor markets - In the semiconductor equipment segment, the company has achieved a full industry chain layout for 8-12 inch silicon wafer equipment and successfully developed several advanced machines - In the photovoltaic equipment segment, the company’s products have performed well and entered more customer production lines, with significant orders from leading industry clients - The company is also expanding its customer base for 8-inch SiC substrates and has made breakthroughs in the development of 8-12 inch sapphire substrates for new LED applications [2]. Investment Outlook - The company forecasts net profits attributable to shareholders for 2025-2027 to be 2.419 billion, 2.603 billion, and 2.697 billion, respectively - Corresponding price-to-earnings ratios for these years are projected to be 15.4, 14.3, and 13.8 times - The company maintains a "buy" rating based on these projections [3].