Sichuan Injet Electric (SZ:300820) Huaan Securities·2025-08-27 12:04Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Viewpoints - The company reported a decline in revenue and net profit for the first half of 2025, with revenue at 722 million yuan, down 9.42% year-on-year, and net profit at 119 million yuan, down 32.71% year-on-year [2][3] - The gross margin decreased to 36.57%, down 5.66 percentage points year-on-year, while the net profit margin fell to 16.91%, down 6.53 percentage points year-on-year [2] - The company is facing challenges from the photovoltaic cycle and semiconductor product deliveries, but other sectors are showing steady growth [3][4] Revenue Breakdown - In the first half of 2025, revenue from the photovoltaic sector was 298 million yuan, down 25.18% year-on-year, accounting for 41.24% of total revenue [3] - Revenue from semiconductor and electronic materials was 160 million yuan, down 13.45% year-on-year, making up 22.20% of total revenue [3] - Revenue from other industries increased by 23.94% year-on-year to 263 million yuan, representing 36.48% of total revenue [3] Financial Performance - As of the end of Q2 2025, the company had inventory of 1.481 billion yuan, down 19.89% year-on-year, and contract liabilities of 1.137 billion yuan, down 8.84% year-on-year [4] - The net cash flow from operating activities for the first half of 2025 was 175 million yuan, down 31.05% year-on-year [4] - The company had a backlog of orders amounting to 2.4 billion yuan, with 1.66 billion yuan in goods dispatched [4] Future Outlook - The company is increasing its R&D investment in the semiconductor equipment power supply sector and has established a national headquarters and production base for key components in integrated circuit equipment [5] - In the new energy sector, the company is strengthening collaborations with leading domestic enterprises in the charging pile business, with new products entering the verification stage [5][6] - The company is also expanding into the battery cell manufacturing industry and has seen significant growth in orders from the steel metallurgy sector [7] Earnings Forecast - The company’s projected revenues for 2025-2027 are 1.859 billion yuan, 2.218 billion yuan, and 2.793 billion yuan, respectively [8] - The projected net profits for the same period are 342 million yuan, 476 million yuan, and 612 million yuan, respectively [8] - The diluted EPS is expected to be 1.54 yuan, 2.15 yuan, and 2.76 yuan for 2025, 2026, and 2027, respectively [8]