晶盛机电（300316）：2024年报点评：厚积薄发，志存高远，坚信α，静待β

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Views - The company achieved a revenue of 17.6 billion yuan in 2024, a decrease of 2% year-on-year, with a net profit attributable to shareholders of 2.5 billion yuan, down 45% year-on-year. The gross margin was 33%, down 8 percentage points [1]. - In Q4 2024, the company reported a revenue of 3.1 billion yuan, a decline of 31% year-on-year and 28% quarter-on-quarter, with a net loss of 450 million yuan, primarily due to significant impairment losses [1]. - The company is expected to see a recovery in its photovoltaic business in 2025, with new products and technologies in the battery and component sectors likely to drive growth in the next industry cycle [6]. Financial Performance Summary - For 2024, the company reported a revenue of 17.6 billion yuan and a net profit of 2.5 billion yuan, with a gross margin of 33% and a net profit margin of 15% [1]. - The semiconductor business is positioned for growth, with a focus on advanced process and packaging equipment, and the company has secured over 3.3 billion yuan in orders for semiconductor equipment [6]. - The company anticipates revenues of 16.5 billion yuan in 2025, 15.5 billion yuan in 2026, and 14.6 billion yuan in 2027, with net profits projected at 2.35 billion yuan, 2.43 billion yuan, and 2.52 billion yuan respectively [5][6]. Business Segment Analysis - Equipment and Services: Revenue of 13.4 billion yuan in 2024, up 4.3% year-on-year, with a gross margin of 36.36% [1]. - Materials: Revenue of 3.3 billion yuan, down 20% year-on-year, with a gross margin of 28.71%, significantly impacted by falling prices of quartz crucibles [1][6]. - The company has developed new products in the photovoltaic sector, including de-silvering equipment, which has shown promising results in customer testing [6].