晶合集成（688249）：DDIC巩固优势，CIS等高阶产品进展顺利

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to achieve total revenue of 9.249 billion yuan in 2024, representing a year-on-year increase of 27.69%. The net profit attributable to shareholders is projected to be 533 million yuan, up 151.67% year-on-year, with a non-recurring net profit of 396 million yuan, reflecting a significant increase of 739.72% [4][5] Company Overview - Latest closing price: 23.11 yuan - Total shares/float shares: 2.006 billion / 1.177 billion - Total market capitalization/float market capitalization: 46.4 billion yuan / 27.2 billion yuan - 52-week high/low: 28.94 / 13.05 - Debt-to-asset ratio: 54.0% - Price-to-earnings ratio: 192.58 - Largest shareholder: Hefei Construction Investment Holding (Group) Co., Ltd. [3] Investment Highlights - The semiconductor market is gradually recovering, with high overall capacity utilization. The company is focusing on its core business and expanding into high-end products while maintaining existing product advantages. The company has sufficient orders and is expected to maintain high capacity utilization in 2024, with a projected gross margin of 25.56%, an increase of 3.95 percentage points year-on-year [5][6] - The company's main products, including DDIC and CIS, are expected to contribute significantly to revenue, with DDIC accounting for approximately 67.53% and CIS becoming the second major product at 17.22% [6] Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are 9.2 billion, 12.5 billion, and 15 billion yuan, respectively. The net profit attributable to shareholders is expected to be 533 million, 1 billion, and 1.49 billion yuan for the same years. The corresponding price-to-earnings ratios are projected to be 87, 46, and 31 times [7][10]