Investment Rating - The report maintains an "Accumulate" rating for the company [2][5] Core Views - The company has demonstrated significant revenue and profit growth, with total revenue reaching RMB 3.605 billion in 2024, a year-on-year increase of 38.57%, and a net profit of RMB 401 million, up 56.79% year-on-year [5][9] - The precision components business is expected to continue its high growth trajectory, supported by advancements in ultra-pure target materials and third-generation semiconductor materials [5][8] - The company is well-positioned to benefit from the domestic production wave, leading to an upward revision of profit forecasts for 2025-2026 [5][8] Financial Summary - For 2024, the company reported total revenue of RMB 3,605 million, with a growth rate of 38.57% compared to 2023 [9] - The gross profit margin for 2024 was 28.17%, a decrease of 1.03 percentage points year-on-year [8] - The company’s earnings per share (EPS) for 2025 is projected to be RMB 1.97, with corresponding price-to-earnings (PE) ratios of 35.4 times [5][7] Business Segments - The ultra-pure metal sputtering target segment generated revenue of RMB 2.333 billion in 2024, growing by 39.51% year-on-year, with a gross margin of 31.35% [8][9] - The precision components business achieved revenue of RMB 887 million, reflecting a year-on-year increase of 55.53% [8][9] - The company is actively developing a diverse product range, including high-density tungsten targets and various precision components, which are widely used in core processes such as gas phase deposition and etching [8][9] Future Outlook - The company is investing in projects to enhance its production capacity, including a new facility for ultra-pure metal sputtering targets, which is expected to improve international competitiveness and supply chain stability [8][9] - The projected revenue growth rates for the upcoming years are 25.6% for 2025, 25.4% for 2026, and 24.3% for 2027 [7][11]
江丰电子(300666):收入、业绩高增长,精密零部件业务持续放量