Leadmicro(SH:688147) Soochow Securities·2025-04-28 04:40Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company achieved significant revenue growth in 2024, with total revenue reaching 2.7 billion yuan, a year-on-year increase of 60.7%. The photovoltaic equipment revenue was 2.29 billion yuan, up 52.9%, while semiconductor equipment revenue surged by 168.4% to 330 million yuan, accounting for 12.2% of total revenue [7] - The net profit attributable to the parent company for 2024 was 226.71 million yuan, a decrease of 16.16% year-on-year, primarily due to increased R&D expenses and impairment provisions [7] - The company is focusing on enhancing its R&D capabilities in the semiconductor sector, with R&D expenses increasing by 36% to 420 million yuan in 2024, and over 60% of the three-year cumulative R&D investment directed towards semiconductor applications [7] - The company has a strong order backlog in the semiconductor sector, with orders increasing by 65.9% year-on-year, totaling 6.77 billion yuan, which includes 5.19 billion yuan from photovoltaic and 1.51 billion yuan from semiconductor applications [7] Financial Summary - The total revenue forecast for 2025 is 2.63 billion yuan, with a slight decrease of 2.6% year-on-year, followed by a projected increase of 3.21% in 2026 and 16.93% in 2027 [1][8] - The net profit attributable to the parent company is expected to be 277.81 million yuan in 2025, increasing to 368.60 million yuan in 2026 and 483.95 million yuan in 2027 [1][8] - The company's P/E ratio is projected to decrease from 57.90 in 2024 to 27.12 in 2027, reflecting anticipated growth in profitability [1][8]