S.C(300724) Soochow Securities·2025-04-25 06:23Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company achieved a significant revenue increase of 116.26% year-on-year in 2024, reaching 18.887 billion yuan, with a net profit growth of 69.18% to 2.764 billion yuan [7] - The company is gradually improving its specialized equipment platform layout, expanding into semiconductor and lithium battery sectors while maintaining high R&D investment [7] - The report adjusts the company's net profit forecast for 2025 and 2026 to 2.14 billion yuan and 1.09 billion yuan respectively, while maintaining the "Accumulate" rating due to the ongoing development of its specialized equipment platform [7] Financial Performance Summary - In 2024, total revenue is projected at 18.887 billion yuan, with a year-on-year growth of 116.26% [1] - The company's gross profit margin for 2024 is 26.46%, a decrease of 2.49 percentage points year-on-year, attributed to intense market competition [7] - R&D expenses for 2024 are expected to reach 649 million yuan, reflecting a year-on-year increase of 38.94% [7] - The company's operating cash flow for Q1 2025 is projected at 800 million yuan, a significant increase of 710% year-on-year [7] Market Position and Strategy - The company has achieved full coverage of TOPCon, HJT, perovskite, and perovskite tandem routes in photovoltaic equipment [7] - The company is actively expanding its semiconductor equipment capabilities, having secured orders for silicon carbide wet processing equipment [7] - The company has successfully delivered new vacuum coating equipment for lithium batteries, indicating progress in its specialized equipment development [7]