SWEC(SH:600641) Changjiang Securities·2025-05-03 01:23Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company is accelerating its business transformation to establish a comprehensive platform for semiconductor equipment and materials. The semiconductor equipment business is expected to become the core growth driver for the company in the future [11][12]. - In 2024, the company reported a revenue of 581 million yuan, a year-on-year decrease of 39.72%, and a net profit attributable to shareholders of 108 million yuan, down 28.85%. However, in Q1 2025, revenue increased by 94.09% year-on-year to 192 million yuan, although the net profit showed a loss of 20 million yuan, widening the loss compared to the previous year [2][4]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 581 million yuan and a net profit of 108 million yuan. The revenue from real estate sales, specialized equipment manufacturing, property services, and real estate leasing was 281 million yuan, 241 million yuan, 36 million yuan, and 15 million yuan, respectively, with year-on-year growth rates of -48.67%, -30.33%, +0.51%, and -25.50% [11]. - The gross profit margins for these segments were 82.70%, 13.52%, 8.33%, and 25.33%, with year-on-year changes of +16.19 percentage points, -4.49 percentage points, +1.70 percentage points, and -26.11 percentage points [11]. Business Transformation - The company is leveraging the experience from its parent company, Xian Dao Technology Group, to establish a wholly-owned subsidiary, Anhui Wandao Electronic Technology Co., Ltd., focusing on bismuth materials. This subsidiary is expected to drive growth in the new materials business [11]. - In Q1 2025, the combined revenue from equipment and materials accounted for approximately 75% of total revenue, significantly higher than the revenue from real estate [11]. Research and Development - The company increased its R&D investment to 184 million yuan in 2024, a year-on-year increase of 13.14%. The company is focusing on developing specialized ion implantation machines and has received orders worth approximately 240 million yuan in integrated circuit equipment [11][12]. - The company aims to complete the expansion of bismuth business capacity in 2025, with expected steady growth in production capacity and sales, leading to significant revenue increases [11]. Future Outlook - The company anticipates achieving net profits of 290 million yuan, 340 million yuan, and 380 million yuan for the years 2025 to 2027, corresponding to current price-to-earnings ratios of 46x, 39x, and 35x, respectively [11].