立昂微：营收创新高与盈利困境并存，行业复苏曙光初现-20250528

Investment 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][2] - 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] Financial Performance Summary - In 2024, the company reported a revenue of 3.092 billion yuan, with a significant increase in semiconductor sales driven by market recovery and product adjustments, but faced a net loss of 266 million yuan due to cost pressures and declining gross margins [1][2][3] - The company’s R&D expenditure reached 290 million yuan in 2024, accounting for 9.39% of revenue, reflecting a commitment to innovation and product development [4] - The semiconductor wafer segment saw a sales volume increase of 62.91% and revenue growth of 26.93%, while the RF chip business experienced a remarkable revenue increase of 115.08% [3][4] Market and Strategic Insights - The company has enhanced its customer collaboration and expanded its market share by integrating a full industry chain of semiconductor wafers, power devices, and RF chips, which has optimized its customer structure [3] - The global semiconductor market is recovering, with increasing demand for power semiconductors driven by sectors like electric vehicles and photovoltaics, positioning the company to benefit from structural opportunities [4] - The company is building a "reservoir" capacity reserve system to meet future demands in AI, electrification, and smart technologies [4] Profitability Forecast - Due to declining product prices, the profit forecast for the company has been revised downwards, with expected net profits for 2025 and 2026 adjusted to 89 million yuan and 180 million yuan, respectively [5]