Yoke Technology(SZ:002409) Shenwan Hongyuan Securities·2025-04-28 08:25Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The report highlights the rapid growth of precursor and LNG board businesses, indicating a positive outlook for the new materials platform [1][6] - The semiconductor materials segment shows strong demand from key clients, leading to significant revenue growth [6][9] - The LNG insulation materials business is expected to continue its strong performance due to increased orders and market demand [9][10] Financial Data and Earnings Forecast - The company achieved a total revenue of 6.86 billion yuan in 2024, representing a year-on-year growth of 45% [9] - The net profit attributable to the parent company for 2024 was 872 million yuan, with a year-on-year increase of 50% [9] - Revenue projections for the upcoming years are as follows: 9.09 billion yuan in 2025, 10.70 billion yuan in 2026, and 12.33 billion yuan in 2027, with respective growth rates of 32.5%, 17.7%, and 15.3% [8][10] - The forecasted net profit for 2025 is 1.15 billion yuan, with a growth rate of 32.5% [8][10] Business Segments - In the semiconductor materials sector, revenue from semiconductor chemical materials reached 1.95 billion yuan in 2024, with a year-on-year increase of 72% [6] - The electronic special gases segment generated 470 million yuan in revenue, reflecting a 7% year-on-year growth [6] - The LNG insulation materials segment reported revenue of 1.63 billion yuan, marking an 89% increase year-on-year [9]