Silan(SH:600460) Guoxin Securities·2025-06-27 08:51Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company is expected to maintain steady growth with a projected revenue of 11.22 billion yuan in 2024, representing a year-on-year increase of 20.14%. The net profit attributable to the parent company is forecasted to reach 2.52 billion yuan, a significant increase of 327.34% year-on-year [1] - The company is ranked sixth globally in power semiconductor market share, holding 3.3% of the market, and is the leading player in the domestic market [1] - The integrated circuit segment is anticipated to grow by 29% in 2024, with the IPM module revenue reaching 2.91 billion yuan, a year-on-year increase of 47% [2] - The discrete device segment is projected to generate revenue of 5.44 billion yuan in 2024, reflecting a year-on-year growth of 12.53%, with a focus on high-value products for automotive and photovoltaic applications [3] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 11.22 billion yuan, up 20.14% year-on-year, and a net profit of 2.52 billion yuan, up 327.34% year-on-year [1] - For Q1 2025, the company reported a revenue of 3 billion yuan, a year-on-year increase of 21.7%, with a net profit of 145 million yuan, reflecting a year-on-year growth of 8.96% [1] Segment Analysis - The integrated circuit segment's revenue in 2024 is expected to be 4.11 billion yuan, with a gross margin of 30.70%, up 1.23 percentage points year-on-year [2] - The discrete device segment's revenue is projected to be 5.44 billion yuan, with a gross margin of 13.53%, down 9.20 percentage points year-on-year [3] Profit Forecast - The net profit forecast for 2025 is 524 million yuan, with expected growth rates of 138.5% and 53.1% for 2026 and 2027, respectively [5] - The company’s gross margin is expected to improve, with projections of 23% for 2025, 2026, and 2027 [5]