Silan(SH:600460) Great Wall Securities·2025-09-19 11:50Investment Rating - The report maintains a rating of "Accumulate" for the company [4]. Core Views - The company achieved a significant turnaround in net profit for the first half of 2025, with a net profit of 265 million yuan, compared to a loss in the previous year, driven by strong revenue growth and effective cost management [2][3]. - The company is expected to see continued growth in its SiC products, with production capacity expansion responding to market demand, particularly in high-end power semiconductor applications [8][9]. Financial Summary - Revenue Forecast: The company is projected to generate revenues of 9,340 million yuan in 2023, increasing to 18,703 million yuan by 2027, reflecting a compound annual growth rate (CAGR) of approximately 15.7% [1]. - Net Profit Forecast: The net profit is expected to rise from a loss of 36 million yuan in 2023 to a profit of 1,200 million yuan by 2027, indicating a substantial recovery and growth trajectory [1]. - Earnings Per Share (EPS): EPS is forecasted to improve from -0.02 yuan in 2023 to 0.72 yuan in 2027, showcasing the company's potential for profitability [1]. - Return on Equity (ROE): ROE is anticipated to increase from -0.5% in 2023 to 7.0% in 2027, indicating improved efficiency in generating profits from shareholders' equity [1]. Product and Market Expansion - The company has successfully increased the shipment of its IPM modules and other semiconductor products, particularly in the automotive and renewable energy sectors, with a reported 80% year-on-year growth in IGBT and SiC product revenues [3][8]. - The company is actively expanding its production lines for SiC power devices, with a monthly production capacity of 10,000 6-inch SiC-MOSFET chips established, and plans for further capacity enhancements [8].