Lion(SH:605358) Tianfeng Securities·2025-05-28 12:41Investment Rating - The investment rating for the company is "Accumulate" [9] Core Views - The company achieved a record high revenue of 3.092 billion yuan in 2024, representing a year-on-year growth of 14.97%, but faced significant losses with a net profit attributable to shareholders of -266 million yuan, a decline of 504.18% [1][5] - The revenue growth in Q1 2025 was 20.82% year-on-year, reaching 820 million yuan, but the net profit continued to decline, indicating ongoing profitability challenges [1][2] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 3.092 billion yuan, a 14.97% increase from the previous year, while the net profit attributable to shareholders was -266 million yuan, down 504.18% [1][7] - For Q1 2025, the company generated 820 million yuan in revenue, marking a 20.82% increase year-on-year, but the net profit remained negative at -81 million yuan [1][2] Business Development - The company has expanded its market share and improved production capacity, technology, and yield, contributing to the revenue increase [2][3] - The semiconductor wafer business saw a sales volume increase of 62.91% and revenue growth of 26.93%, reaching 1.906 billion yuan [3] - The RF chip business experienced a significant revenue increase of 115.08%, becoming a key driver of performance growth [3][4] Research and Innovation - The company invested 290 million yuan in R&D in 2024, accounting for 9.39% of revenue, focusing on high-value-added products and key technology breakthroughs [4] - The company developed 14 new products in the semiconductor wafer sector and achieved mass production of 72 new 12-inch products [4] Market Outlook - The global semiconductor market is recovering, driven by demand for memory and logic chips, as well as power semiconductors in electric vehicles and photovoltaics [4] - The company is building a "reservoir" capacity reserve system to meet the growing downstream demand in AI, electrification, and smart technology [4] Investment Forecast - Due to declining product prices impacting profitability, the profit forecast for 2025 and 2026 has been revised downwards, with expected net profits of 89 million yuan and 180 million yuan respectively [5]