研报掘金丨群益证券(香港)：予士兰微“买进”评级，功率、LED行业有望触底回升

Group 1 - The core viewpoint of the report is that Silan Microelectronics benefits from the rapid growth of AI investments and the increasing demand in the semiconductor industry, leading to price increases across various segments since the second half of 2025 [1] - The company is one of the few private IDM model comprehensive semiconductor product enterprises in China, which will benefit from the price increases in power and analog products, as well as the reduction of losses in LED and SiC businesses due to a bottom recovery [1] - The company is expected to continue expanding its 12-inch wafer production line, with SiC and automotive MCU products anticipated to reach a new scale, projecting net profits of 370 million yuan, 860 million yuan, and 1.12 billion yuan for 2025-2027, representing year-on-year growth of 68%, 133%, and 30% respectively [1] Group 2 - The expected earnings per share (EPS) for the company are projected to be 0.22 yuan, 0.52 yuan, and 0.67 yuan for 2025-2027 [1] - The current stock price corresponds to price-to-earnings (PE) ratios of 62 times and 48 times for 2026 and 2027 respectively, leading to a "buy" rating [1]