SBT(SH:688392) Soochow Securities·2026-04-01 04:08Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has significantly improved its lithium battery orders and further potential in the semiconductor sector is emerging [1] - Revenue for 2025 is projected to be 7.74 billion yuan, representing a year-on-year growth of 32.41% [1] - The net profit attributable to shareholders is expected to reach 1.18 billion yuan in 2025, with a year-on-year increase of 36.89% [1] - The company anticipates a 20% growth in lithium battery equipment revenue and a 30% increase in consumables revenue in 2026, contributing an estimated 600 million yuan [8] - The semiconductor business is expected to see revenue exceed 200 million yuan in 2026, marking over 100% growth [8] Financial Projections - Total revenue projections for the company are as follows: - 2024: 5.85 billion yuan - 2025: 7.74 billion yuan - 2026: 10.27 billion yuan - 2027: 13.86 billion yuan - 2028: 18.75 billion yuan [1] - Net profit projections are as follows: - 2024: 858.7 million yuan - 2025: 1.18 billion yuan - 2026: 2.47 billion yuan - 2027: 4.36 billion yuan - 2028: 6.42 billion yuan [1] - The latest diluted EPS is projected to be: - 2024: 0.74 yuan - 2025: 1.02 yuan - 2026: 2.13 yuan - 2027: 3.77 yuan - 2028: 5.55 yuan [1] Market Data - The closing price of the stock is 106.00 yuan, with a market capitalization of approximately 12.27 billion yuan [5] - The price-to-earnings ratio (P/E) is projected to be 104.03 for 2025, decreasing to 19.04 by 2028 [1]