NSIG(SH:688126) Tianfeng Securities·2025-05-15 09:15Investment Rating - The investment rating for the company is downgraded to "Accumulate" [7] Core Views - The company's 2024 performance is under short-term pressure, with a revenue of 3.388 billion yuan, a year-on-year increase of 6.18%, and a net profit attributable to shareholders of -970 million yuan [1] - The semiconductor market is recovering slower than expected, impacting the company's performance, particularly due to high inventory levels in the global semiconductor industry [2] - The company is expanding its 300mm silicon wafer production capacity, which is expected to support future growth despite current challenges [3][4] Financial Performance Summary - In 2024, the company reported a revenue of 3.388 billion yuan, with a net profit attributable to shareholders of -970 million yuan, and a net profit after deducting non-recurring items of -1.243 billion yuan [1] - For Q1 2025, the company achieved a revenue of 802 million yuan, a year-on-year increase of 10.60%, but still reported a net loss of -209 million yuan [1] - The average selling price of products has decreased, particularly for 200mm wafers, which has significantly impacted profitability [2] Capacity Expansion and Development - The company has completed the construction of a new 300mm silicon wafer production capacity of 300,000 pieces per month, with total capacity reaching 650,000 pieces per month [3] - The company is also advancing its 300mm ultra-low oxygen and high-resistance silicon wafer technologies, which are being applied in various fields such as renewable energy and RF [3] - The subsidiary Okmetic is expanding its 200mm silicon wafer production, with plans to start operations in Q2 2025 [4] Research and Development - The company increased its R&D expenditure to 266.82 million yuan in 2024, accounting for 7.88% of revenue, with a focus on various market applications including electric vehicles and RF [5] - The company applied for 130 invention patents in 2024, with 24 granted, and has a total of 630 invention patents and 108 utility model patents as of the end of 2024 [5] Investment Recommendations - Due to the slower-than-expected recovery in the global semiconductor industry and the overall decline in silicon wafer shipments, the company's profit forecasts for 2025 and 2026 have been revised downwards [5] - The expected net profit for 2025 is adjusted from 304 million yuan to 23 million yuan, and for 2026 from 416 million yuan to 114 million yuan [5]