赛晶科技：柔性输电业务实现快速增长，前沿产业布局领先-20260321

Investment Rating - The report initiates coverage with a "Collect" rating for Sun.King Technology Group, setting a target price of HKD 2.05 based on a 19x PE for 2026 [5]. Core Insights - In 2025, the company achieved a net profit growth of 35% year-on-year, with revenue reaching RMB 2.255 billion, a historical high and a 40% increase from the previous year [1]. - The flexible transmission business saw rapid growth, generating revenue of RMB 689 million in 2025, up from RMB 281 million in 2024 [4]. - The self-developed power semiconductor business experienced significant growth, with sales reaching RMB 121 million, a 104% increase year-on-year [1]. - The company is actively expanding into cutting-edge industries, with sales revenue of RMB 114 million, reflecting a 72% year-on-year growth [1]. Summary by Sections Latest Developments - The company reported a robust performance in its conventional DC and flexible transmission business, with sales of RMB 872 million, a 35% increase year-on-year [1]. - The new energy generation and storage sectors experienced explosive growth, with sales reaching RMB 577 million, a 111% increase [1]. - The company added 55 new bulk supply customers across various sectors, including photovoltaic, energy storage, and industrial control [1]. Business Growth - The flexible transmission business revenue increased significantly, with the company becoming a leader in the DC capacitor industry, achieving a 75% domestic market share in the Gansu-Zhejiang project [4]. - The company is recognized as a leading enterprise in online monitoring technology, with innovative solutions for online monitoring of capacitors and IGBT [4]. Financial Forecast - The forecast for net profit from 2026 to 2028 is RMB 153 million, RMB 168 million, and RMB 186 million, respectively, with a projected revenue growth of 26% in 2026 [5][6]. - The company’s earnings per share (EPS) are expected to be RMB 0.10 in 2026, with a PE ratio of 19.68 [6]. Research and Development - The company invested approximately RMB 162 million in R&D in 2025, accounting for 7% of sales revenue, with plans to increase R&D spending to over RMB 200 million in 2026 [4]. - Key R&D focuses include online monitoring for flexible transmission, IGBT chips for wind power, and solid-state circuit breakers for data centers [4]. Industry Position - Sun.King Technology Group is positioned as a leading supplier of power electronic devices and system integrators, with over 1,100 employees and annual sales exceeding RMB 2 billion [9]. - The company has established multiple subsidiaries and R&D centers in China and Europe, emphasizing its commitment to technological innovation and market expansion [9][21].