晶盛机电（300316）：年产60万片8寸衬底拉晶基地奠基，碳化硅衬底加速放量

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has laid the foundation for a new production base with an annual capacity of 600,000 pieces of 8-inch silicon carbide substrates, which is expected to accelerate the release of silicon carbide substrates [7] - The company is strategically expanding its domestic and international substrate production capacity, aiming for a total of 900,000 pieces, with 650,000 pieces being 8-inch capacity, which will enhance its competitive edge through economies of scale [7] - The transition to 8-inch silicon carbide substrates is expected to significantly reduce costs, with a 35% decrease in single-chip costs and an increase in effective chip quantity by 1.8 to 1.9 times compared to 6-inch substrates [7] - The company is developing a full-chain layout for silicon carbide materials and equipment, including various types of silicon carbide crystal growth and processing equipment [7] - The company maintains a profit forecast for 2025-2027 with net profits of 2 billion, 2.2 billion, and 2.7 billion yuan, corresponding to a price-to-earnings ratio of 17, 16, and 13 times respectively [7] Financial Summary - Total revenue for 2023 is projected at 17,983 million yuan, with a year-on-year growth of 69.04% [1] - The net profit attributable to the parent company for 2023 is expected to be 4,558 million yuan, reflecting a year-on-year increase of 55.85% [1] - The earnings per share (EPS) for 2023 is estimated at 3.48 yuan, with a price-to-earnings (P/E) ratio of 7.63 times [1] - The company’s total assets are projected to reach 31,550 million yuan in 2024, with a debt-to-asset ratio of 43.16% [8]