USC(688403) Shenwan Hongyuan Securities·2025-03-31 13:42Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company is actively advancing capacity construction, with the automotive DDIC expected to become a new growth engine [1] - The company reported a Q4 2024 revenue of 431 million yuan, a year-on-year increase of 25.65%, and a net profit of 59 million yuan, up 9.3% year-on-year [5] - The overall revenue for 2024 reached 1.501 billion yuan, reflecting a year-on-year growth of 21.22%, while the net profit decreased by 18.48% [5] Financial Data and Profit Forecast - Total revenue is projected to grow from 1.238 billion yuan in 2023 to 2.227 billion yuan by 2027, with a compound annual growth rate of approximately 10% [7] - The net profit is expected to rebound from 160 million yuan in 2024 to 330 million yuan by 2027, indicating a significant recovery [7] - The gross margin is anticipated to stabilize around 26% by 2027, after a dip due to increased competition and capacity expansion [7][8] Investment Highlights - The company benefits from national subsidy policies, which are expected to boost demand for consumer electronics, particularly in the second half of 2024 [8] - The customer base is diversifying, with the top five customers accounting for 66.37% of sales, down 6.23 percentage points year-on-year [8] - The company is progressing with convertible bond projects and new automotive chip projects, aiming to expand into high-end advanced packaging testing [8] - The profit forecast for 2025 has been adjusted to 236 million yuan, maintaining the "Buy" rating [8]