SICC CO.(688234) 国金证券·2025-03-28 08:23Investment Rating - The report maintains a "Buy" rating for the company, with expected significant profit growth in the coming years [4]. Core Insights - The company reported a revenue of 1.768 billion RMB for 2024, representing a year-on-year increase of 41.37%, and a net profit attributable to shareholders of 179 million RMB, a substantial increase of 491.56% year-on-year [1]. - The company has significantly enhanced its production capacity and efficiency, achieving a record high production of 410,200 SiC substrates in 2024, up 56.56% year-on-year [2][3]. - The company is recognized as the second-largest global manufacturer of conductive SiC substrates, holding a market share of 22.8% [3]. Summary by Sections Performance Review - In Q4 2024, the company achieved a revenue of 487 million RMB, a year-on-year increase of 4.32%, and a net profit of 36 million RMB, up 59.74% year-on-year [1]. Operational Analysis - The company has improved its core product capacity, with the Jinan plant steadily increasing output and the Shanghai plant achieving its annual production target ahead of schedule [2]. - The gross profit margin for 2024 was reported at 25.9%, showing a significant improvement compared to previous years [2]. Research and Development - The company has made advancements in R&D, being the first in the industry to produce 8-inch substrates without macro defects, and has a total of 194 invention patents and 308 utility model patents [3]. Profit Forecast and Valuation - The projected net profits for 2025, 2026, and 2027 are 318 million RMB, 549 million RMB, and 814 million RMB respectively, with corresponding EPS of 0.74, 1.28, and 1.89 RMB [4].