圣晖集成：Q4归母业绩同比增长65%，海外市场形成新的增长点-20250330

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][18]. Core Views - The company achieved a significant year-on-year growth of 65% in net profit attributable to shareholders in Q4, driven by an increase in gross margin [1]. - The company plans to distribute a cash dividend of 75 million (including tax), with a dividend payout ratio of 66%, resulting in a dividend yield of 3% as of March 28, 2025 [1]. - The company has a robust order backlog, with expected net profits for 2025-2027 projected at 1.34 billion, 1.55 billion, and 1.75 billion respectively, corresponding to P/E ratios of 18.8, 16.3, and 14.3 [1]. Revenue and Profitability - In 2024, the company reported total revenue of 2.008 billion, a slight decrease of 0.06% year-on-year, with a net profit of 114 million, down 17.45% year-on-year [5]. - Q4 revenue was 560 million, a decrease of 0.4% year-on-year, but net profit for the quarter was 40 million, reflecting a 64.8% increase year-on-year [1]. - The gross margin for 2024 was 12.6%, a decrease of 0.86 percentage points year-on-year, influenced by intense market competition [3]. Segment Performance - Revenue from the IC semiconductor segment decreased by 11.3% year-on-year to 1.19 billion, while precision manufacturing and optoelectronics segments saw revenue growth of 29% and 26.5% respectively [2]. - The company’s cleanroom system integration and secondary distribution engineering segments reported revenue declines of 35.9% and increases of 43.2% respectively [3]. Order Backlog and Market Expansion - As of the end of 2024, the company had an order backlog of approximately 1.735 billion, a year-on-year increase of 31.47% [2]. - The overseas revenue and order backlog grew significantly, with overseas revenue increasing by 55.39% year-on-year, indicating that the overseas market is becoming a crucial growth driver [3]. Financial Metrics - The company’s net profit margin for 2024 was 5.83%, down 1.14 percentage points year-on-year [4]. - The operating cash flow showed a net outflow of 4 million, which was a significant increase in outflow compared to the previous year [4]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.34, 1.55, and 1.75 respectively [5].