NCE(SH:605111) Ping An Securities·2026-04-01 08:09Investment Rating - The investment rating for the company is "Recommended" (maintained) with a stock price of 36.5 yuan [1]. Core Insights - The company achieved a revenue of 1.877 billion yuan in 2025, representing a year-on-year growth of 2.66%, while the net profit attributable to shareholders decreased by 9.42% to 394 million yuan [4][7]. - The company has successfully launched its third-generation SGT-MOSFET products, which are widely used in strategic emerging fields such as automotive electronics, AI computing, and industrial power supplies [7][10]. - The company is focusing on both deepening its existing market and expanding its customer base, with significant growth in sectors like industrial automation and automotive electronics [10]. Financial Performance Summary - Revenue for 2025 was 1.877 billion yuan, with a projected increase to 2.325 billion yuan in 2026, reflecting a growth rate of 23.8% [6][11]. - The gross margin for 2025 was 32.9%, with a net margin of 21.0% [12]. - The company’s earnings per share (EPS) for 2025 was 0.95 yuan, expected to rise to 1.41 yuan in 2026 [12]. Product and Market Analysis - The SGT-MOSFET product line accounted for 46.3% of the main business revenue in 2025, generating sales of 866 million yuan [7][8]. - The SJ-MOSFET products generated 205 million yuan in sales, representing 11.0% of the main business revenue [8]. - The IGBT products, primarily used in the photovoltaic and energy storage markets, achieved sales of 279 million yuan, accounting for 14.9% of the main business revenue [8]. Future Projections - The company expects net profits of 586 million yuan in 2026, 702 million yuan in 2027, and 813 million yuan in 2028, with corresponding EPS of 1.41 yuan, 1.69 yuan, and 1.96 yuan [11][12]. - The projected price-to-earnings (P/E) ratios for 2026, 2027, and 2028 are 25.9, 21.6, and 18.6, respectively [12].