SICC CO.(688234) 平安证券·2025-03-30 12:25Investment Rating - The report maintains a "Recommended" investment 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, a significant increase of 491.56% year-on-year [4][8]. - The company is positioned as a leader in the production of 8-inch conductive substrates, with a strong focus on high-quality silicon carbide substrates, and has established partnerships with over half of the top ten power semiconductor manufacturers globally [11]. Financial Summary - Revenue and Profit Forecasts: - 2024 revenue: 1.768 billion yuan, 2025 estimated revenue: 2.431 billion yuan, 2026 estimated revenue: 3.286 billion yuan, 2027 estimated revenue: 4.124 billion yuan [6][12]. - 2024 net profit: 179 million yuan, 2025 estimated net profit: 266 million yuan, 2026 estimated net profit: 440 million yuan, 2027 estimated net profit: 628 million yuan [6][12]. - Profitability Ratios: - Gross margin for 2024 is 25.9%, with a projected increase to 29.9% by 2027 [13]. - Net margin for 2024 is 10.1%, expected to rise to 15.2% by 2027 [13]. - Earnings Per Share (EPS): - EPS for 2024 is projected at 0.42 yuan, increasing to 1.46 yuan by 2027 [12][13]. Market Position and Growth Potential - The company is actively expanding its market presence in the silicon carbide substrate sector, with a production capacity of 410,200 pieces in 2024, marking a 56.56% increase from 2023 [9]. - The introduction of the first 12-inch silicon carbide substrate in November 2024 is expected to enhance production efficiency and reduce costs, further driving market adoption [9].