Investment Rating - The investment rating for the company is "Accumulate" [6][4]. Core Views - The company is implementing a strategy of "industry extension + product extension" to support the green transformation of the industry [3]. - In 2024, the company reported a revenue of 1.451 billion yuan, a year-on-year decrease of 20.54%, and a net profit attributable to the parent company of 120 million yuan, down 27.53% [2][4]. - The revenue breakdown by industry for 2024 shows semiconductor display revenue at 342 million yuan (up 26.38%), integrated circuit revenue at 1.002 billion yuan (down 19.95%), new energy revenue at 93 million yuan (down 68.15%), and other industries at 12 million yuan (up 64.25%) [2]. Financial Data and Forecast - The company expects net profits attributable to the parent company for 2025-2027 to be 174 million, 206 million, and 241 million yuan, respectively, with growth rates of 45%, 19%, and 17% [4][5]. - The projected revenue for 2025 is 1.790 billion yuan, reflecting a growth rate of 23.34% compared to 2024 [5]. - The company's earnings per share (EPS) is forecasted to be 1.17 yuan in 2025, increasing to 1.62 yuan by 2027 [5][4]. Business Segments - The green factory system is expected to generate 969 million yuan in revenue in 2024, with a gross margin of 27.11% [11]. - Revenue from equipment and key components is projected to be 451 million yuan in 2024, with a gross margin of 35.12% [11]. - The electronic chemicals segment is anticipated to achieve revenue of 29 million yuan in 2024, with a significant year-on-year growth of 104.43% [11].
盛剑科技（603324）：“行业延伸+产品延伸”战略持续推进