Silan(600460) 中邮证券·2025-05-20 03:23Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Views - The company has significantly increased its market share, rising from 2.6% in 2023 to 3.3% in 2024, moving from the tenth to the sixth position globally in the power semiconductor market [6] - Despite a decline in the overall power semiconductor market size from 32.3 billion in 2024, the company achieved a revenue of 11.22 billion yuan in 2024, representing a year-on-year growth of over 20% [6] - The company’s core products, including IGBT, SiC MOSFET, and IPM modules, saw substantial growth, with automotive-grade power devices revenue increasing by over 100% year-on-year [6] - The company is continuously launching new products across its silicon-based chip production lines, which are operating at full capacity, and has received bulk orders from several domestic smartphone manufacturers for its six-axis inertial sensors [7] Financial Projections - Revenue projections for the company are as follows: 13.31 billion yuan in 2025, 15.83 billion yuan in 2026, and 18.88 billion yuan in 2027, with corresponding net profits of 650 million yuan, 984 million yuan, and 1.31 billion yuan respectively [8] - The company is expected to maintain a growth rate of approximately 18.6% to 19.3% in revenue from 2025 to 2027 [10] - The earnings per share (EPS) are projected to increase from 0.39 yuan in 2025 to 0.79 yuan in 2027 [10]