聚灿光电2024年年报点评：效率领先，稳步增长

Investment Rating - The report maintains a rating of "Buy" for the company [1] Core Views - The company is expected to experience significant revenue growth, with projected revenues increasing from 27.60 billion yuan in 2024 to 43.73 billion yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 16.07% [4][6] - Net profit is forecasted to rise from 1.96 billion yuan in 2024 to 3.92 billion yuan in 2027, indicating a strong growth trajectory with a CAGR of about 25.09% [4][6] - The gross margin is anticipated to improve from 13.70% in 2024 to 15.54% in 2027, showcasing operational efficiency [4][6] Financial Summary Income Statement - Revenue is projected to grow from 27.60 billion yuan in 2024 to 43.73 billion yuan in 2027, with a revenue growth rate of 11.23% in 2024 and peaking at 20.27% in 2025 [4][6] - The net profit is expected to increase from 1.96 billion yuan in 2024 to 3.92 billion yuan in 2027, with a profit growth rate of 61.44% in 2024 [6] - EBITDA is forecasted to rise from 3.45 billion yuan in 2024 to 6.96 billion yuan in 2027 [6] Balance Sheet - Total assets are projected to grow from 46.32 billion yuan in 2024 to 57.73 billion yuan in 2027, indicating a healthy balance sheet expansion [5] - The company's equity attributable to shareholders is expected to increase from 27.17 billion yuan in 2024 to 37.64 billion yuan in 2027 [5] Cash Flow Statement - Operating cash flow is expected to be 5.24 billion yuan in 2024, decreasing to 4.10 billion yuan in 2025, before rising again to 7.69 billion yuan in 2027 [5] - The net cash flow from investing activities is projected to be negative, indicating ongoing capital expenditures [5]