公司事件点评报告：子公司南通科技实现盈利，多项目持续推进完善IDM供应链

Investment Rating - The report maintains a "Buy" investment rating for the company, indicating a projected increase in stock price relative to the market index [23]. Core Insights - The company has shown significant improvement in profitability, with a net profit increase of 189.51% year-on-year in Q1 2024, driven by product structure upgrades and increased demand in downstream applications [15][34]. - The gross margin has improved from 32.86% in Q3 2023 to 38.02% in Q1 2024, reflecting enhanced profitability, particularly in the thyristor segment [8][20]. - The company is actively expanding its product offerings, particularly in the MOSFET segment, and is expected to benefit from a stable pricing environment in the market [8][23]. Financial Projections - The company’s revenue is projected to grow from 2.68 billion yuan in 2024 to 4.16 billion yuan in 2026, with corresponding net profits increasing from 330 million yuan to 609 million yuan [10][23]. - The earnings per share (EPS) are expected to rise from 0.45 yuan in 2024 to 0.83 yuan in 2026, indicating a strong growth trajectory [10][23]. - The return on equity (ROE) is forecasted to improve from 7.1% in 2024 to 10.9% in 2026, reflecting better capital efficiency [10][23]. Market Performance - The company’s stock price is currently at 17.19 yuan, with a 52-week range between 10.75 and 19.88 yuan, indicating a healthy trading volume with an average daily turnover of 119.31 million yuan [18][15]. - The projected price-to-earnings (P/E) ratios are 38.3, 28.4, and 20.8 for the years 2024, 2025, and 2026 respectively, suggesting a favorable valuation as earnings grow [23][10]. Strategic Developments - The company is advancing its high-end power semiconductor projects, with production yields meeting expectations and ongoing investments in automotive-grade packaging [22][34]. - The subsidiary, Nantong Technology, has turned profitable, contributing positively to the overall financial performance of the company [34][15].