SBT(SH:688392) HUAXI Securities·2025-07-03 13:53Investment Rating - The report assigns an "Accumulate" rating to the company [4] Core Views - The company is expected to benefit from the recovery in its main business and the growth of its semiconductor segment, particularly in 3D packaging technology [2][8] - The company has shown significant revenue growth, with a projected increase in revenue from 5.85 billion yuan in 2024 to 7.58 billion yuan in 2025, representing a year-on-year growth of 30% [9][11] - The net profit is expected to rise from 1.40 billion yuan in 2025 to 2.25 billion yuan in 2026, indicating a strong growth trajectory [9][11] Summary by Sections Revenue Growth - In 2024, the company achieved revenue of 5.85 billion yuan, a year-on-year increase of 11.30%, with Q4 alone contributing 1.76 billion yuan, a remarkable growth of 153% year-on-year [2] - For Q1 2025, the company reported revenue of 1.48 billion yuan, up 22.35% year-on-year, continuing the upward trend [2] - The revenue breakdown shows significant contributions from various segments: lithium battery equipment, consumables, automotive wiring harnesses, and semiconductors, with the latter experiencing a 196% increase in 2024 [2][3] Profitability - The company reported a net profit of 0.86 billion yuan in 2024, a year-on-year increase of 29.04%, with Q4 net profit reaching 0.65 billion yuan, up 804% year-on-year [3] - The net profit margin improved significantly, with a net margin of 14.52% in 2024, and Q4 net margin reaching 36.81%, reflecting a substantial enhancement in profitability [3][7] - The gross margin for 2024 was 56.89%, with Q4 gross margin at 69.66%, indicating strong operational efficiency [3][7] Semiconductor Business - The company has established a comprehensive ultrasonic technology platform, expanding into various sectors including power batteries, automotive wiring harnesses, and advanced packaging in semiconductors [8][14] - The semiconductor segment is expected to see rapid growth, with projected revenues of 0.99 billion yuan in 2025, increasing to 3.94 billion yuan by 2027, reflecting a compound annual growth rate of 100% [23][24] Investment Outlook - The company is projected to achieve revenues of 10.44 billion yuan in 2026 and 14.46 billion yuan in 2027, with net profits expected to reach 2.25 billion yuan and 3.42 billion yuan respectively [9][11] - The earnings per share (EPS) is forecasted to grow from 1.21 yuan in 2025 to 2.95 yuan in 2027, indicating strong growth potential [9][11] - The current price-to-earnings (PE) ratio is considered low compared to peers, suggesting potential for price appreciation [9][28]