Newway Photomask(SH:688401) Huaan Securities·2025-04-30 09:06Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of approximately 880 million yuan for 2024, representing a year-on-year growth of about 30.2%. The net profit attributable to shareholders was approximately 190 million yuan, with a year-on-year increase of about 28.3%. The gross margin was approximately 34.8%, showing a slight decline of 0.3 percentage points [5] - In Q1 2025, the company achieved a revenue of approximately 260 million yuan, a year-on-year growth of about 47.1%, but a quarter-on-quarter decline of about 4.7%. The net profit attributable to shareholders was approximately 50 million yuan, with a year-on-year increase of about 19.7% and a quarter-on-quarter decline of about 29.6% [5] - The strong performance in 2024 and Q1 2025 is attributed to high demand in the mask plate downstream market, steady capacity expansion, product structure adjustments towards high-end AMOLED and advanced packaging products, and effective cost control [5] Financial Performance Summary - The company expects net profits for 2025, 2026, and 2027 to be approximately 296 million, 403 million, and 583 million yuan respectively, with corresponding P/E ratios of 22.14, 16.26, and 11.23 [9] - The revenue for 2024 is projected at 876 million yuan, with a year-on-year growth of 30.2%. The gross margin is expected to be 34.8% [13] - The company is also expected to see a rise in the revenue contribution from semiconductor mask plates, with ongoing projects aimed at producing 40nm and 28-40nm mask plates [8][9]