奥特维：增持控股松瓷机电，出海扩张势头强劲

Investment Rating - The investment rating for the company is "Outperform the Market" [1][12]. Core Insights - The company is actively expanding its stake in its subsidiary, Songci Electromechanical, by investing 360.57 million yuan to acquire an additional 33.21% equity, increasing its ownership from 40.63% to 73.84% [3]. - The company has secured significant overseas orders for its monocrystalline furnaces, with contracts amounting to approximately 9 billion yuan and an additional 4 billion yuan, indicating strong demand in the photovoltaic equipment sector [4]. - The company is positioned to benefit from the growth of new technologies such as TOPCon and HJT, with expectations that their combined production capacity will reach 35% by 2025 [4]. - The company is diversifying its operations across three major sectors: photovoltaic, lithium battery, and semiconductor, with a focus on continuous innovation and platform development [4][7]. - The company is projected to achieve a revenue of 95.41 billion yuan in 2024, with a year-on-year growth of 51.4%, and a net profit of 18.36 billion yuan, reflecting a growth of 46.2% [6][7]. Summary by Sections Financial Performance - The company reported a revenue of 6.302 billion yuan in 2023, with projections of 9.541 billion yuan in 2024, 12.007 billion yuan in 2025, and 14.068 billion yuan in 2026, indicating a strong growth trajectory [6][16]. - The net profit is expected to grow from 1.256 billion yuan in 2023 to 1.836 billion yuan in 2024, 2.292 billion yuan in 2025, and 2.573 billion yuan in 2026 [6][16]. - The company maintains a gross margin of approximately 33.9% in 2024, with a projected net asset return rate of 38.4% [6][16]. Business Segments - Photovoltaic equipment is the primary revenue source, accounting for over 90% of total income, with a market share exceeding 60% in key equipment segments [7]. - The lithium battery segment is expected to grow significantly, with a projected revenue increase of 22% in 2024 [8]. - The semiconductor equipment segment is anticipated to see a revenue increase of 110% in 2024, driven by rising demand in high-performance computing and automotive sectors [9]. - Other business areas, including automation and smart manufacturing solutions, are also expected to grow steadily, with a projected revenue increase of 100% in 2024 [10].