Investment Rating - The investment rating for the company is "Buy" and is maintained [6][7]. Core Views - In 2024, the company achieved a revenue of 17.577 billion yuan, a year-on-year decrease of 2.26%, and a net profit attributable to shareholders of 2.51 billion yuan, down 44.93% year-on-year [2][4]. - The fourth quarter of 2024 saw a revenue of 3.099 billion yuan, a year-on-year decline of 31.47% and a quarter-on-quarter decline of 28.45%, with a net profit of -450 million yuan, down 143.13% year-on-year and 152.13% quarter-on-quarter [2][4]. - The company has fully recognized impairment losses in 2024, with total impairment and credit losses amounting to approximately 1.2 billion yuan, significantly impacting the fourth quarter's net profit [6][9]. Summary by Sections Financial Performance - The company reported a total revenue of 17.577 billion yuan for 2024, with a gross profit margin of 33% [14]. - The manufacturing business's gross margin was 34.82%, a decrease of 8.20 percentage points year-on-year, while the equipment and service margin was 36.36%, down 2.46 percentage points [9]. - The company expects a net profit of 2.5 billion yuan for 2025, corresponding to a PE ratio of 15 times [6]. Market Outlook - The semiconductor equipment market is anticipated to maintain double-digit growth, with the company actively capturing the domestic substitution market [9]. - The company has developed various equipment for silicon wafer manufacturing and is leading in the domestic market share for crystal growth equipment [9]. - The sapphire material business is expected to benefit from the rapid growth in demand for LED lighting replacements, while the silicon carbide substrate business is transitioning to 8-inch production [9]. Product Development - The company has made significant advancements in semiconductor substrate materials, with expectations for both volume and price increases in sapphire materials [9]. - The quartz crucible products have achieved both technological and scale leadership, enhancing the company's collaborative supply capabilities in semiconductor consumables [9].
晶盛机电（300316）：2024年充分计提减值轻装上阵，半导体设备及材料加速国产化