SICC CO.(688234) 财通证券·2025-03-30 06:11Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company achieved a revenue of 1.768 billion yuan in 2024, representing a year-on-year growth of 41.37%, and a net profit attributable to shareholders of 179 million yuan, up 491.56% year-on-year [5] - The introduction of the 12-inch silicon carbide substrate marks a significant technological advancement, with a 2.5 times increase in single wafer chip output [5] - The company is exploring new applications for silicon carbide materials in AI products, which could enhance user experience and reduce manufacturing costs [5] - Revenue projections for 2025-2027 are estimated at 2.538 billion yuan, 3.268 billion yuan, and 4.112 billion yuan, with corresponding net profits of 313 million yuan, 521 million yuan, and 817 million yuan [5] Financial Performance Summary - Revenue growth rates are projected at 199.90% for 2023, 41.37% for 2024, and 43.52% for 2025 [4] - The company is expected to achieve a net profit margin of 12.3% by 2025, with an EPS of 0.73 yuan [7] - The company's return on equity (ROE) is projected to improve from -0.87% in 2023 to 5.57% in 2025 [4][7] Market Position and Trends - The company is positioned to benefit from the growing demand for silicon carbide materials in various applications, particularly in the AI sector [5] - The report highlights the company's proactive approach in exploring downstream applications, which could lead to significant market opportunities [5]