SWEC(SH:600641) HUAXI Securities·2024-11-29 06:05Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price set at 20.65 CNY, reflecting a market capitalization of 192.18 billion CNY [2]. Core Insights - The change in the actual controller is expected to accelerate the development of the semiconductor business, with the new controller being Zhu Shihui, who is also the chairman of the company [2][3]. - The company is recognized as the only global leader in the rare metal industry chain, possessing a complete semiconductor process service capability, which includes high-purity materials and semiconductor components [3]. - The company has established strong relationships with major semiconductor clients such as TSMC, Samsung, and SMIC, which supports its business development [3]. - The strategic collaboration with Wan Ye Enterprise is anticipated to enhance business synergy across materials, devices, and equipment [4]. - The company has a robust order book for ion implantation machines, with significant orders and deliveries already completed, indicating strong market demand [5]. Financial Summary - The company forecasts revenue for 2024, 2025, and 2026 to be 8.58 billion CNY, 11.83 billion CNY, and 14.93 billion CNY respectively, with net profits projected at 1.67 billion CNY, 2.18 billion CNY, and 2.74 billion CNY [9]. - The earnings per share (EPS) are expected to be 0.18 CNY, 0.23 CNY, and 0.29 CNY for the years 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 115, 88, and 70 [9].