Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Viewpoints - The company achieved a revenue growth of 20.04% in 2024, primarily driven by strong performance in the advanced packaging sector, with specific product categories such as plating solutions and photoresists showing significant growth [2][3] - Despite the revenue growth, net profit growth was lower due to increased R&D investments, which rose by 40.42% and accounted for 10.62% of total revenue [2][3] - The company has made significant technological advancements in semiconductor packaging and wafer manufacturing, successfully launching multiple products and breaking into the domestic market for photoresists [3][8] Financial Summary - Revenue is projected to grow from 360 million yuan in 2023 to 883 million yuan by 2027, with a compound annual growth rate (CAGR) of approximately 25% [1] - Net profit is expected to increase from 33 million yuan in 2023 to 101 million yuan in 2027, reflecting a strong growth trajectory [1] - The company's gross margin for 2024 is reported at 26.42%, with a slight decrease from the previous year, while the net margin is at 7.75% [2][3] Market Position and Opportunities - The company is positioned as a leading player in the domestic semiconductor materials market, with a comprehensive product range covering semiconductor packaging, wafer manufacturing, and display materials [3][8] - The semiconductor industry is expected to recover gradually, providing a favorable environment for the company's products to gain market share [3][8] - The report highlights the growing demand for high-end PCB applications driven by AI technology, which the company is strategically targeting [8]
艾森股份（688720）：营收快速增长，研发加码构筑长期优势