晶盛机电（300316）：2024年报点评：减值影响短期业绩，看好公司半导体设备、材料布局

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company's short-term performance is impacted by impairment losses, but there is optimism regarding its semiconductor equipment and materials layout [1] - The company achieved a total revenue of 17.58 billion yuan in 2024, a year-on-year decrease of 2%, with equipment and services revenue at 13.36 billion yuan, up 4% year-on-year [7] - The net profit attributable to the parent company for 2024 was 2.51 billion yuan, down 45% year-on-year, primarily due to significant provisions for bad debts and inventory write-downs [7] - The report anticipates a decline in net profit for 2025 and 2026, projecting 2.2 billion yuan and 2.39 billion yuan respectively, with a recovery expected in 2027 at 2.6 billion yuan [7] Financial Summary - Revenue forecast for 2024 is 17.58 billion yuan, with a projected decline to 15.67 billion yuan in 2025 and 15.17 billion yuan in 2026, before a slight recovery to 15.65 billion yuan in 2027 [1][8] - The net profit attributable to the parent company is expected to decrease significantly to 2.51 billion yuan in 2024, followed by 2.2 billion yuan in 2025 and 2.39 billion yuan in 2026, with an increase to 2.6 billion yuan in 2027 [1][8] - The report indicates a projected EPS of 1.92 yuan for 2024, decreasing to 1.68 yuan in 2025, and then slightly increasing to 1.98 yuan by 2027 [1][8] - The company's P/E ratio is forecasted to be 14.91 for 2024, increasing to 17.04 in 2025, and then decreasing to 14.42 by 2027 [1][8] Business Outlook - The company is positioned as a leader in the domestic long crystal equipment market, focusing on large silicon wafers, advanced packaging, and silicon carbide technologies [7] - The report emphasizes the company's strategic partnerships and technological advancements in silicon carbide substrates and quartz crucibles, which are expected to drive future growth [7] - The company has made significant progress in its photovoltaic equipment segment, covering the entire production process from silicon wafers to modules [7]