Lion(605358) Orient Securities·2025-05-20 12:59Investment Rating - The report maintains a "Buy" rating for the company with a target price of 29.92 CNY [4][7][11] Core Views - The company's revenue for 2024 is projected to be 30.92 billion CNY, a 15% increase year-on-year, despite a net loss of 2.66 billion CNY, reflecting a significant decline of 504% due to cost pressures from capacity expansion and reduced product prices [10] - The silicon wafer business is currently under pressure, but the product structure is continuously optimized, with a notable increase in high-value-added products [10] - The company achieved a record sales volume of 1.82 million semiconductor power device chips in 2024, marking a 6% year-on-year growth, driven by the expanding market for electric vehicles [10] - The company has made significant advancements in RF technology, enhancing production capacity and entering new supply chains in emerging fields such as low-orbit satellites and smart driving [10] Financial Summary - Revenue projections for 2025-2027 are 40.44 billion CNY, 49 billion CNY, and 56.96 billion CNY respectively, with year-on-year growth rates of 31%, 21%, and 16% [6] - The company is expected to return to profitability in 2025 with a net profit of 0.28 billion CNY, followed by 0.30 billion CNY in 2026 and 0.50 billion CNY in 2027 [6] - The gross margin is forecasted to improve from 17.5% in 2025 to 24.7% in 2027, while the net margin is expected to rise from 0.7% to 8.7% over the same period [6]