SWEC(SH:600641) EBSCN·2025-05-01 07:07Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable long-term outlook despite current challenges [5]. Core Views - The company's revenue for 2024 is reported at 581 million yuan, a significant decline of 39.72% year-on-year, with a net profit attributable to shareholders of 108 million yuan, down 28.85% [1][2]. - In Q1 2025, the company achieved a revenue of 192 million yuan, reflecting a strong growth of 94.09% year-on-year, although it reported a net loss of 20 million yuan [1]. - The decline in 2024 performance is primarily attributed to the completion phase of real estate projects, leading to reduced revenue from property deliveries [2]. - The company is actively transforming its business, focusing on semiconductor equipment, with significant R&D investments leading to rapid product iterations and new customer orders [3]. Summary by Sections Financial Performance - 2024 revenue decreased to 581 million yuan from 898 million yuan in 2022, with a forecasted recovery to 944 million yuan in 2025 [4]. - The net profit forecast for 2025 is adjusted to 156 million yuan, down 23.53% from previous estimates, with further growth expected in subsequent years [3][4]. Business Transformation - The company is shifting focus from real estate to semiconductor equipment, with 2024 orders for integrated circuit equipment reaching approximately 240 million yuan [3]. - The successful delivery of new equipment in Q1 2025 marks an improvement in service capabilities for new product processes [3]. Valuation Metrics - The report provides a detailed financial outlook, including projected revenues and net profits for 2025 to 2027, with a gradual recovery anticipated [4][10]. - Key valuation ratios such as P/E and P/B are presented, indicating a P/E of 86 for 2025, suggesting a potential for value appreciation as the company transitions [4][11].