SBT(SH:688392) HUAXI Securities·2026-04-01 08:02Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's main business is experiencing high prosperity, particularly in the new energy sector, and advanced packaging equipment is seeing increased demand [3][5] - The company reported a revenue of 774 million yuan for 2025, representing a year-on-year growth of 32.41%, with Q4 revenue reaching 254 million yuan, up 43.73% year-on-year [3] - The gross profit margin significantly improved to 64.86%, an increase of 7.97 percentage points year-on-year, driven mainly by the new energy sector [4] Summary by Relevant Sections Revenue Growth - The company achieved a revenue of 774 million yuan in 2025, with contributions from various segments: - New energy battery ultrasonic equipment: 222 million yuan, up 47.08% year-on-year - Wire harness connector ultrasonic equipment: 103 million yuan, up 26.03% - Semiconductor ultrasonic equipment: 96 million yuan, up 105.37% - Accessories: 260 million yuan, up 41.75% [3] Profitability - The net profit attributable to the parent company was 118 million yuan, a year-on-year increase of 36.89%, while the net profit after deducting non-recurring items was 93 million yuan, up 133.02% [4] - The sales net profit margin was 13.88%, down 0.64 percentage points year-on-year, but the net profit margin after deducting non-recurring items improved by 5.16 percentage points [4] Future Projections - Revenue forecasts for 2026 and 2027 are adjusted to 1.048 billion yuan and 1.546 billion yuan, respectively, representing year-on-year growth of 35.4% and 47.5% [6] - The net profit forecasts for the same years are 248 million yuan and 379 million yuan, with expected growth rates of 110.8% and 53.0% [6] - The company is expected to maintain a high growth momentum in the new energy sector and advanced packaging equipment, with significant orders from major clients [5][6]