Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2]. Core Views - The semiconductor industry is experiencing cyclical adjustments, impacting the company's performance, with a weak recovery observed in Q3 2024. The company is a key player in the silicon wafer market, which is lagging behind downstream sectors like chip manufacturing [4][5]. - The company has a comprehensive production capability for semiconductor silicon epitaxial wafers, with 85% of its revenue coming from overseas markets. It serves major clients, including top foundries and power device manufacturers [4][5]. - The company is focusing on expanding its production capacity, particularly in 8-inch and 12-inch wafers, to meet the growing demand in the semiconductor market, which is expected to grow significantly in the coming years [5][6]. Financial Summary - For the first three quarters of 2024, the company reported revenues of 845 million yuan, a year-on-year decrease of 21.31%, and a net profit of 78.87 million yuan, down 63.13% year-on-year. The gross margin was 28.75% [4][6]. - The projected revenues for 2024, 2025, and 2026 are 1.211 billion yuan, 1.458 billion yuan, and 1.653 billion yuan, respectively, with corresponding net profits of 126.86 million yuan, 252.96 million yuan, and 312.55 million yuan [6][8]. - The earnings per share (EPS) for 2024, 2025, and 2026 are expected to be 0.19 yuan, 0.38 yuan, and 0.47 yuan, respectively [6][8].
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