SBT(688392) Soochow Securities·2025-02-06 12:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - Q4 performance exceeded market expectations with a revenue of 580 million yuan, a year-on-year increase of 11%, and a net profit attributable to shareholders of 84.76 million yuan, up 31% year-on-year [8] - Revenue from consumables exceeded expectations, driving a recovery in profitability, with consumables revenue of 180 million yuan, a 67% increase, accounting for over 30% of total revenue [8] - The new business segments, particularly high-voltage harnesses and IGBT, are experiencing rapid growth, with expected revenue doubling from 2024 to 2026 [8] Summary by Sections Financial Performance - Total revenue for 2022 was 522.49 million yuan, with a projected increase to 583.11 million yuan in 2024, reflecting a growth rate of 11.03% [1] - Net profit attributable to shareholders decreased to 66.54 million yuan in 2023 but is expected to recover to 84.76 million yuan in 2024, marking a 27.37% increase [1] - The latest diluted EPS is projected to be 0.74 yuan in 2024, with a P/E ratio of 51.78 [1] Revenue Breakdown - Consumables revenue is projected to reach 180 million yuan in 2024, a 67% increase, while the revenue from harnesses and IGBT is expected to grow by 257% [8] - The ear welding revenue is anticipated to decline by 54% to 150 million yuan, but recovery is expected as downstream production resumes [8] Growth Potential - The company has unique breakthroughs in welding technology, which are expected to yield significant returns as the market for high-voltage harnesses and IGBT expands [8] - The company is projected to ship 2-3 GWh of aluminum foil welding equipment in 2024, with a value of 400,000 yuan per GWh and a gross margin exceeding 50% [8]