晶合集成：DDIC代工领先企业，多元化布局成果初显

Investment Rating - The report gives a "Recommend" rating for the company, marking its first coverage [2] Core Views - The company is a leading domestic third-party wafer foundry specializing in DDIC (Display Driver IC) manufacturing, with a strong foundation in LCD DDIC and expanding into OLED DDIC and CIS (CMOS Image Sensor) [4] - The company has achieved significant breakthroughs in multiple process platforms, including CIS, PMIC (Power Management IC), and MCU (Microcontroller Unit), with rapid capacity expansion [16] - The company's revenue has shown a fluctuating growth trend, with DDIC revenue gradually decreasing while CIS revenue is rapidly increasing, indicating successful diversification [21] - The company's capacity has expanded significantly, reaching 115k wafers per month in H1 2024, with plans for further expansion in OLED and CIS [17] Industry Overview - Wafer foundry is a core segment of the semiconductor industry, characterized by high capital intensity, long cycles, and high barriers to entry, with a clear oligopoly structure [5] - The domestic wafer foundry industry is steadily advancing, supported by national policies, as China becomes a global center for display panel production, driving demand for localized production of key components like DDIC and CIS [5][26] - The global CIS market is growing steadily, with Chinese companies gaining significant market share, and domestic substitution accelerating in high-end CIS products [42][44] Company Performance and Diversification - The company's revenue grew from 1.512 billion yuan in 2020 to 7.244 billion yuan in 2023, with a temporary decline in 2023 due to a slowdown in semiconductor market demand [4][21] - DDIC remains the primary revenue source, but its share has decreased from 84.79% in 2023 to 68.53% in H1 2024, while CIS revenue share increased from 6.03% to 16.04% in the same period [4][21] - The company has made significant progress in OLED DDIC, with 40nm high-voltage OLED DDIC achieving small-scale production, and 28nm process development underway [51] - CIS has become the company's second-largest revenue driver, with products like 55nm BSI CIS and 1.8 billion-pixel full-frame CIS contributing to rapid growth [55][56] Capacity Expansion and Technological Advancements - The company's capacity has grown from 10k wafers per month in 2018 to 115k wafers per month in H1 2024, with plans to further expand OLED and CIS capacity [17] - The company has developed multiple process nodes for DDIC, including 150nm, 110nm, 90nm, and 55nm, with 40nm high-voltage OLED DDIC in small-scale production [45] - The company is also advancing in CIS technology, with 55nm BSI CIS and 1.8 billion-pixel full-frame CIS products achieving mass production [55][56] Financial Projections - The report forecasts revenue growth of 32.9%, 25.3%, and 21.3% for 2024, 2025, and 2026, respectively, with net profit expected to grow significantly [6] - The company's EPS is projected to be 0.21 yuan, 0.47 yuan, and 0.72 yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 125.8X, 55.5X, and 36.1X [64] Valuation and Investment Recommendation - The company's valuation is favorable compared to peers, with significant growth potential in DDIC and CIS businesses [62] - The report recommends the company due to its strong position in DDIC, successful diversification into CIS, and robust capacity expansion plans [64]