南大光电（300346）：前驱体产品销量高增，IC业务收入增幅显著

Investment Rating - The investment rating for the company is "Recommended" [1] Core Views - The company achieved a revenue of 2.352 billion yuan in 2024, representing a year-over-year increase of 38.08%. The net profit attributable to shareholders was 271 million yuan, up 28.15% year-over-year [4][7] - The precursor product sales significantly increased, with revenue from this segment reaching 578 million yuan, accounting for 24.6% of total revenue, and showing a year-over-year growth of 70.3% [7] - The specialty gas business generated 1.506 billion yuan in revenue, making up 64.05% of total revenue, with a year-over-year increase of 22.33% [7] - The company is transitioning from a focus on LED to a more balanced growth across IC, LED, and LCD industries, with IC revenue growing by 106% year-over-year [7][8] Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 2.352 billion yuan, with a gross profit margin of 41.2% and a net profit margin of 11.5% [6][10] - The company’s total expenses decreased to 22.95% of revenue, down from 29.79% in 2023, indicating improved cost management [7] Revenue Breakdown - The precursor business saw a sales volume increase of 83.39%, with a sales gross margin of 48.61%, up 8.71 percentage points year-over-year [7] - The specialty gas segment's sales volume increased by 25.07%, despite a decline in sales gross margin to 39.95% [7] Future Projections - The company expects to achieve a net profit of 362 million yuan in 2025, with a projected P/E ratio of 59.3 [8][10] - Revenue is forecasted to grow to 3.072 billion yuan in 2025, with a year-over-year growth rate of 30.6% [6][10]