Leadmicro(688147) Huaan Securities·2025-05-28 00:23Investment Rating - Investment rating is maintained at "Accumulate" [1] Core Views - The company is actively expanding its semiconductor product offerings and market presence while demonstrating resilience in its photovoltaic business despite challenges [1][5] - In 2024, the company achieved a revenue of 2.7 billion yuan, a year-on-year increase of 60.74%, while the net profit attributable to shareholders decreased by 16.16% to 227 million yuan [3][4] - The semiconductor equipment revenue grew significantly by 168.44% to 327 million yuan, while photovoltaic equipment revenue increased by 52.94% to 2.29 billion yuan [5][6] Financial Performance Summary - For 2024, the company reported a gross margin of 39.99%, down 3.65 percentage points year-on-year, and a net profit margin of 8.40%, down 7.70 percentage points [3][4] - In Q4 2024, revenue reached 1.156 billion yuan, up 75.58% year-on-year, but net profit fell by 34.14% to 76 million yuan [4] - The first quarter of 2025 saw revenue soar by 198.95% to 510 million yuan, with net profit skyrocketing by 2,253.57% to 84 million yuan [4] Business Segment Insights - The semiconductor segment is rapidly developing, with a notable increase in revenue and a growing share of total business, rising from 7.27% in 2023 to 12.14% in 2024 [5][6] - The company has secured a total order backlog of 6.772 billion yuan, with significant contributions from both photovoltaic and semiconductor sectors [5] - The photovoltaic segment is focusing on risk management and technology upgrades, with successful advancements in TOPCon technology and a leading market share in the XBC field [7][8] Future Projections - Revenue forecasts for 2025-2027 are adjusted to 2.946 billion yuan, 3.332 billion yuan, and 3.589 billion yuan respectively, with net profits projected at 288 million yuan, 440 million yuan, and 497 million yuan [8][10] - The diluted EPS is expected to be 0.63 yuan, 0.96 yuan, and 1.09 yuan for the years 2025-2027 [8][10] - The current stock price reflects a P/E ratio of 46, 30, and 27 times for the years 2025-2027, indicating a favorable valuation given the company's leading position in the ALD field [8][10]