英杰电气：光伏周期导致业绩承压，半导体业务稳步提升-20250519

Investment Rating - The report assigns an "Accumulate-A" rating to the company for the first time [7]. Core Views - The company's performance is under pressure due to the photovoltaic cycle, while the semiconductor business is steadily improving [1]. - In 2024, the company achieved operating revenue of 1.78 billion yuan, a year-on-year increase of 0.59%, and a net profit attributable to the parent company of 323 million yuan, a year-on-year decrease of 25.19% [1][3]. - The company is actively expanding its semiconductor business and increasing research and development investment in semiconductor equipment power supply [5][6]. Financial Performance - In Q1 2025, the company reported operating revenue of 325 million yuan, a year-on-year decrease of 13.30%, and a net profit of 50 million yuan, a year-on-year decrease of 36.84% [1][3]. - The gross profit margin for 2024 was 38.50%, with a year-on-year increase of 1.27 percentage points, while the net profit margin was 18.84%, a year-on-year decrease of 5.53 percentage points [3]. - Research and development expenses increased by 40.18% year-on-year to 137 million yuan, representing a research expense ratio of 7.67% [3][4]. Business Segments - The photovoltaic business generated revenue of 874 million yuan in 2024, a year-on-year decrease of 10.27%, contributing 49.08% to total revenue [4]. - The semiconductor and electronic materials segment achieved revenue of 351 million yuan in 2024, a year-on-year increase of 6.41%, contributing 19.69% to total revenue [5]. Future Projections - The company expects EPS for 2025, 2026, and 2027 to be 1.87 yuan, 2.26 yuan, and 2.71 yuan, respectively [6]. - The projected P/E ratios for 2025, 2026, and 2027 are 23.8, 19.8, and 16.5, respectively [7].