神工股份（688233）：硅材料毛利率修复至64%，硅零件营收高增2倍

Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Insights - The company's revenue for 2024 is projected to be 303 million yuan, representing a year-on-year growth of 124% [6][7] - The gross margin for silicon materials has recovered to 64%, with silicon component revenue increasing by 214.82% [7] - The company has established a strong position in the semiconductor industry, particularly in the production of silicon materials for etching processes [7] Financial Data and Profit Forecast - Total revenue is expected to grow from 135 million yuan in 2023 to 476 million yuan in 2025, with a year-on-year growth rate of 57.3% [6][9] - The net profit attributable to the parent company is forecasted to increase from -69 million yuan in 2023 to 150 million yuan in 2025, reflecting a significant turnaround [6][9] - The gross margin is projected to improve from 0.1% in 2023 to 53.0% in 2025 [6][9] Product and Market Position - The company has a comprehensive capability from crystal growth to silicon electrode production, making it one of the few domestic manufacturers with such integration [7] - Domestic revenue has increased significantly, accounting for 69.85% in 2024, up from 1.9% in 2019, driven by the rise of domestic semiconductor etching equipment [7] - The company is actively engaging with several 12-inch integrated circuit manufacturers, with numerous components already certified [7]