Sichuan Injet Electric (SZ:300820) Soochow Securities·2025-04-30 02:20Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's performance is under short-term pressure, but the semiconductor RF power supply is expected to create new growth drivers [1] - The company is a leader in domestic semiconductor industrial power supply, with increasing domestic substitution rates in photovoltaic and semiconductor products [7] - The company has maintained high R&D investment, with R&D expenses reaching 137 million yuan in 2024, up 40.18% year-on-year [7] Financial Performance Summary - In 2024, the company achieved total revenue of 1.78 billion yuan, a year-on-year increase of 0.59%, with a net profit attributable to the parent company of 322.76 million yuan, down 25.19% year-on-year [7] - The gross profit margin for 2024 was 38.50%, an increase of 1.28 percentage points year-on-year [7] - The company forecasts net profit attributable to the parent company of 401 million yuan in 2025 and 498 million yuan in 2026, with a projected net profit of 634 million yuan in 2027 [1][8] Market Data Summary - The closing price of the company's stock is 39.49 yuan, with a market capitalization of 8.75 billion yuan [5] - The company has a price-to-earnings (P/E) ratio of 27.62 based on the latest diluted earnings per share [5][8] Growth Drivers - The company is focusing on the photovoltaic industry, semiconductor etching, and charging pile manufacturing as key growth areas [7] - The company has made significant progress in the production of RF power supplies for advanced semiconductor processes, including 5nm etching [7]