晶盛机电：半导体设备持续推进

Investment Rating - Buy rating, first coverage [9] Core Views - The company is actively expanding in the semiconductor equipment sector, achieving breakthroughs in domestic production of 8-12 inch semiconductor wafer equipment and leading in market share for domestic semiconductor crystal growth equipment [11] - The company has developed a range of equipment for power semiconductors, including 6-8 inch SiC crystal growth, slicing, thinning, polishing, and epitaxial equipment, achieving domestic substitution for SiC epitaxial equipment [11] - In the photovoltaic equipment sector, the company provides full-line solutions covering silicon wafers, cells, and modules, with differentiated battery equipment achieving export breakthroughs and innovative silver-free module equipment significantly reducing costs [11] Financial Projections - Revenue is expected to reach 19, 20, and 22 billion yuan in 2024, 2025, and 2026, respectively, with net profits attributable to the parent company of 3.8, 4.0, and 4.5 billion yuan [12] - The current stock price corresponds to a PE ratio of 12, 11, and 10 times for 2024, 2025, and 2026, respectively [12] Financial Performance - Revenue growth rates for 2024, 2025, and 2026 are projected at 5.66%, 5.29%, and 9.98%, respectively [15] - Net profit growth rates for 2024, 2025, and 2026 are projected at -16.56%, 5.44%, and 12.38%, respectively [15] - EPS for 2024, 2025, and 2026 is expected to be 2.90, 3.06, and 3.44 yuan per share, respectively [15] Valuation Metrics - The company's PE ratio for 2024, 2025, and 2026 is projected at 11.74, 11.13, and 9.90 times, respectively [15] - The PB ratio for 2024, 2025, and 2026 is projected at 2.50, 2.08, and 1.72 times, respectively [15] Operational Highlights - The company's semiconductor equipment business is advancing with significant progress in domestic substitution and innovation in advanced packaging and process equipment [11] - The photovoltaic equipment business remains stable, with the company providing comprehensive solutions and achieving cost reductions through innovative technologies [11]