S.C(SZ:300724) Ping An Securities·2025-08-31 09:04Investment Rating - The investment rating for the company is "Recommended" [1][8] Core Views - The company has shown significant growth in overseas revenue, with a 363% year-on-year increase, contributing to a total revenue of 20.14 billion yuan from international markets [7] - The company achieved a total revenue of 83.72 billion yuan in the first half of 2025, representing a 26.41% year-on-year growth, and a net profit of 18.30 billion yuan, which is a 49.26% increase [4][7] - The company is focusing on emerging businesses, particularly in perovskite technology and semiconductor applications, which are expected to drive future growth [7][8] Summary by Sections Financial Performance - The company reported a revenue of 83.72 billion yuan in the first half of 2025, with a net profit of 18.30 billion yuan, marking a 49.26% increase year-on-year [4] - The projected net profits for 2025-2027 are 28.14 billion, 15.99 billion, and 16.61 billion yuan respectively, with dynamic P/E ratios of 12.2, 21.5, and 20.7 times [8] Business Development - The company has made significant advancements in its perovskite technology, winning the "Megawatt Emerald Award" at the SNECPV+ 2025 exhibition, and has secured orders for its PVD and RPD equipment [7] - The semiconductor division has also progressed, with the subsidiary achieving full-process development of wet equipment for 6-12 inch wafer manufacturing, targeting advanced packaging and third-generation semiconductors [7] Market Position - The company is positioned as a platform enterprise in the photovoltaic equipment sector, with strong growth potential in emerging businesses such as semiconductors and perovskite technology [8]