SWEC(SH:600641) Guotou Securities·2025-04-27 09:04Investment Rating - The report maintains a "Buy-A" investment rating for the company with a target price of 17.74 CNY per share [6]. Core Views - The company achieved a revenue of 581 million CNY in 2024, a decrease of 39.72% year-on-year, and a net profit of 108 million CNY, down 28.85% year-on-year [1]. - In Q1 2025, the company reported a revenue of 192 million CNY, an increase of 94.09% year-on-year, but a net loss of 20 million CNY, a decrease of 23.22% year-on-year [1]. - The integrated circuit equipment business has seen significant growth, with cumulative orders reaching 1.9 billion CNY since 2020, and new customer acquisitions in 2024 [2]. - The company has successfully launched bismuth materials and deep processing businesses, enhancing its competitive edge in the semiconductor equipment and materials sector [3]. Financial Summary - Revenue projections for 2025, 2026, and 2027 are 1.22 billion CNY, 1.6 billion CNY, and 1.9 billion CNY respectively, with net profits expected to be 164 million CNY, 247 million CNY, and 303 million CNY [4][11]. - The company’s revenue growth rate is projected to rebound significantly in 2025, with an expected increase of 110.3% [12]. - The company’s net profit margin is forecasted to be 13.4% in 2025, improving to 15.4% in 2026 and 15.9% in 2027 [12].