Sichuan Injet Electric (SZ:300820) Shanxi Securities·2025-05-19 07:22Investment Rating - The report assigns an "Accumulate-A" rating for the company, marking its first coverage [8]. Core Views - The company's performance is under pressure due to the photovoltaic cycle, while its semiconductor business is steadily improving [1]. - The company has increased its research and development investments, successfully establishing a technology-sharing platform across various power levels, which can facilitate cross-industry technology transfer and reuse [7]. Financial Performance - In 2024, the company achieved revenue of 1.78 billion yuan, a year-on-year increase of 0.59%, and a net profit attributable to shareholders of 323 million yuan, a decrease of 25.19% year-on-year [2][4]. - For Q1 2025, the company reported revenue of 325 million yuan, down 13.30% year-on-year, and a net profit of 50 million yuan, down 36.84% year-on-year [2][4]. - The gross margin for 2024 was 38.50%, an increase of 1.27 percentage points year-on-year, while the net profit margin was 18.84%, a decrease of 5.53 percentage points year-on-year [4]. Business Segments - The photovoltaic business generated revenue of 874 million yuan in 2024, a decline of 10.27% year-on-year, contributing 49.08% to total revenue [5]. - The semiconductor and electronic materials segment saw revenue of 351 million yuan in 2024, an increase of 6.41% year-on-year, contributing 19.69% to total revenue [6]. Market Data - As of May 16, 2025, the company's closing price was 44.67 yuan, with a year-to-date high of 73.50 yuan and a low of 34.14 yuan [4]. - The circulating A-share market capitalization is 4.96 billion yuan, while the total market capitalization is 9.90 billion yuan [4]. Earnings Forecast - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 1.87 yuan, 2.26 yuan, and 2.71 yuan, respectively [7]. - The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are estimated to be 23.8, 19.8, and 16.5, respectively [7].