NSIG(SH:688126) Guotou Securities·2025-04-24 07:04Investment Rating - The investment rating for the company is "Add-A" [4] Core Views - The company achieved a revenue of 3.388 billion yuan in 2024, representing a year-on-year increase of 6.18%, while the net profit attributable to shareholders was -971 million yuan, a significant decline of 620.28% year-on-year [1][2] - The growth in revenue is primarily driven by the strong performance of 300mm semiconductor wafers, with sales increasing over 70% and revenue growth exceeding 50% [2] - Despite the revenue growth, the company's profitability is under pressure due to several factors, including price pressure from 200mm wafers, goodwill impairment of approximately 300 million yuan, and depreciation costs leading to a pre-tax loss of about 200 million yuan [2] Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 909 million yuan, a year-on-year increase of 13.61%, but a net profit of -434 million yuan, reflecting a year-on-year decline of 1569.5% [1] - The overall gross margin for 2024 was -8.98%, a decrease of 25.44 percentage points year-on-year, with net profit margin at -33.11%, down 38.15 percentage points year-on-year [2] Capacity Expansion - The company has made significant progress in capacity expansion, with its subsidiaries achieving notable advancements in 300mm semiconductor wafer production [3] - Shanghai Xinsheng, a subsidiary, has completed a capacity project with a monthly output of 300,000 wafers, while other subsidiaries are also ramping up production and entering the market [9] Future Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 4.404 billion yuan, 5.637 billion yuan, and 6.652 billion yuan, respectively, with net profits expected to recover to 32 million yuan, 215 million yuan, and 335 million yuan [10][12] - The target price for the stock is set at 19.24 yuan, based on a 12x PS valuation for 2025 [10]