Silan(SH:600460) China Post Securities·2025-08-25 10:55Investment Rating - The report assigns an "Accumulate" rating to the company [2]. Core Views - The company has shown stable revenue growth, achieving an operating income of 6.336 billion yuan in the first half of 2025, a year-on-year increase of 20.14%, and a net profit attributable to shareholders of 265 million yuan, up 1162.42% year-on-year [5][6]. - The company is expanding into high-barrier markets, including large home appliances, automotive, new energy, industrial, communications, and computing, which has contributed to its revenue growth [6]. - The company has increased production capacity across various subsidiaries, maintaining full-load production in its chip manufacturing lines, which has further improved profitability [6]. - The integrated circuit business has seen a year-on-year growth of approximately 26%, with significant increases in the sales of power management chips and MCU products [7]. - The fourth generation of SiC power modules is expected to ramp up production, with the company achieving a revenue of 3.008 billion yuan from power semiconductors and discrete devices, a year-on-year increase of about 25% [8]. - The company is optimizing its LED business structure, with expectations of reduced operational losses as production capacity utilization improves [9][10]. Financial Projections - The company is projected to achieve operating revenues of 13.48 billion yuan, 16.00 billion yuan, and 18.81 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits attributable to shareholders of 616.64 million yuan, 869.91 million yuan, and 1.183 billion yuan for the same years [11][13]. - The report anticipates a steady growth rate in operating income of approximately 20.14% for 2025, 20.17% for 2026, and 18.63% for 2027 [13]. - The earnings per share (EPS) are expected to be 0.37 yuan, 0.52 yuan, and 0.71 yuan for the years 2025, 2026, and 2027, respectively [13]. Market Performance - The stock has shown a significant upward trend, with performance increasing from 4% in August 2024 to 76% by August 2025 [3]. - The company's market capitalization is currently 48.9 billion yuan, with a total share capital of 1.664 billion shares [4]. - The price-to-earnings (P/E) ratio is reported at 226.00, indicating high market expectations for future growth [4].