Workflow
晶合集成(688249):DDIC代工巩固优势地位,CIS和电源管理培育第二增长曲线

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 21.35 and a sector rating of "Outperform" [2][4]. Core Insights - The company has shown significant revenue and profit growth in 2024, with a revenue of RMB 9.25 billion, representing a year-over-year increase of 28%. The gross margin improved to 25.5%, up by 3.9 percentage points, and the net profit attributable to shareholders reached RMB 533 million, a 152% increase year-over-year. In Q1 2025, revenue continued to grow, reaching RMB 2.57 billion, with a quarter-over-quarter increase of 4% and a year-over-year increase of 15% [9]. - The company is optimizing its product structure, with a focus on DDIC (Display Driver IC) manufacturing, which solidifies its leading position in the market. Additionally, CIS (CMOS Image Sensor) and power management products are being developed as the second growth curve for the company [4][9]. - The company is actively expanding its CIS product line, which is expected to benefit from the domestic substitution trend in the market. The power management chips have also become a significant product line, with ongoing research and development in various technology nodes [9]. Financial Summary - The company's revenue projections for the upcoming years are as follows: RMB 10.88 billion in 2025, RMB 12.48 billion in 2026, and RMB 14.06 billion in 2027, with growth rates of 17.6%, 14.7%, and 12.7% respectively [8]. - The estimated EPS (Earnings Per Share) for 2025 is RMB 0.40, with a downward adjustment from previous estimates due to increased depreciation from CIS expansion. The projected PE (Price-to-Earnings) ratios for 2025, 2026, and 2027 are 54.0, 39.7, and 31.9 respectively [6][8]. - The company has shown a significant improvement in cash flow, with operating cash flow net amounting to RMB 2.76 billion in 2024, reflecting enhanced order collection capabilities [9].