SICC CO.(688234) 平安证券·2025-03-30 09:12Investment Rating - The report maintains a "Recommended" investment rating for the company [1][13]. 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, a significant increase of 491.56% year-on-year [4][8]. - The company is positioned as a leader in the mass supply of 8-inch conductive substrates, with a focus on high-quality silicon carbide substrates, and is one of the few global players capable of mass-producing 8-inch silicon carbide substrates [9][8]. - The report anticipates continued strong demand for silicon carbide substrates in downstream applications, particularly in the electric vehicle, photovoltaic, energy storage, and AI sectors [8][9]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 1.768 billion yuan, with a gross margin of 25.9% and a net margin of 10.1% [8][11]. - The projected revenues for 2025, 2026, and 2027 are 2.431 billion yuan, 3.286 billion yuan, and 4.124 billion yuan, respectively, with corresponding net profits of 266 million yuan, 440 million yuan, and 628 million yuan [6][10]. Market Position - The company has established partnerships with over half of the top ten power semiconductor manufacturers globally and is actively expanding its market presence [9][8]. - The production capacity for silicon carbide substrates is expected to increase significantly, with a projected output of 410,200 pieces in 2024, marking a 56.56% increase from 2023 [9][10]. Future Outlook - The report adjusts profit expectations for 2025-2027, forecasting net profits of 266 million yuan, 440 million yuan, and 628 million yuan, respectively, with EPS of 0.62 yuan, 1.02 yuan, and 1.46 yuan [9][10]. - The company is expected to maintain a leading position in the silicon carbide substrate market, driven by ongoing demand and technological advancements [9][8].