Lion(605358) Orient Securities·2025-05-20 13:20Investment 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 silicon wafer business is currently under pressure due to industry conditions, but it is optimizing its product structure with a notable increase in high-value products [10][11] - The company achieved a revenue of 3.09 billion CNY in 2024, a 15% increase year-on-year, but reported a net loss of 266 million CNY, a decline of 504% due to cost pressures from capacity expansion and reduced product prices [10][11] - The semiconductor power device chip sales reached 1.82 million units in 2024, a 6% increase, with a focus on high-frequency and high-voltage trends, particularly in the electric vehicle market [10][11] - The company has made significant advancements in RF technology, enhancing production capacity and entering new markets such as low-orbit satellites and smart driving [10][11] Financial Summary - Revenue projections for 2025-2027 are 4.04 billion CNY, 4.90 billion CNY, and 5.70 billion CNY, respectively, with year-on-year growth rates of 31%, 21%, and 16% [6][10] - The company is expected to achieve a net profit of 28 million CNY in 2025, 295 million CNY in 2026, and 496 million CNY in 2027, with corresponding year-on-year growth rates of 111%, 950%, and 68% [6][10] - The earnings per share (EPS) forecast for 2025-2027 is 0.04 CNY, 0.44 CNY, and 0.74 CNY, respectively [4][11]