Investment Rating - The investment rating for the company is adjusted to "Accumulate-A" [7] Core Views - The company's performance in 2024 was impacted by changes in product structure, leading to revenue growth pressure. The company is accelerating the expansion into new application areas such as photovoltaics and epitaxial equipment [2][4] - In 2024, the company achieved a revenue of 425 million yuan, a year-on-year increase of 4.78%, while the net profit attributable to the parent company was 54 million yuan, a decrease of 24.32% [1][9] - The company is focusing on R&D, with a 16.39% increase in R&D expenses to 44.25 million yuan, accounting for 10.41% of revenue [2][9] Financial Performance - In Q4 2024, the company reported a revenue of 100 million yuan, a decline of 39.90% year-on-year, and a net profit of -1 million yuan, a decrease of 102.29% [1][2] - The overall gross margin for 2024 was 26.07%, down 7.39 percentage points, with the first quarter gross margin at 4.53%, down 29.17 percentage points [2][9] - The company expects revenues of 539 million yuan, 646 million yuan, and 755 million yuan for 2025, 2026, and 2027 respectively, with net profits projected at 65 million yuan, 79 million yuan, and 95 million yuan for the same years [7][9] Product Development and Market Position - The company is a major domestic manufacturer of silicon carbide single crystal furnaces, with a focus on expanding its product range and upgrading technology [7] - The company has successfully supplied 8-inch silicon carbide single crystal furnaces to the market, indicating a shift from 6-inch to 8-inch substrates [3][4] - The company is leveraging AI technology in its photovoltaic automation systems to enhance control precision and improve crystal growth rates [4]

半导体材料 晶升股份（688478.SH） 增持-A(下调) 产品结构变化致业绩增长承压，拓展光伏、外延设备等新应用领域 2025 年 5 月 12 日 公司研究/公司快报 公司近一年市场表现 事件描述 公司披露 2024 年年度报告及 2025 年一季度报告。2024 年实现营业收入 4.25 亿元/+4.78%，归母净利润 0.54 亿元/-24.32%，扣非归母净利润 0.30 亿 元/-28.70%。其中单 Q4 实现营业收入 1.0 亿元/-39.90%，归母净利润-0.01 亿 元/-102.29%，扣非归母净利润 0.04 亿元/-72.79%。 事件点评 市场数据：2025 年 5 月 9 日 收盘价（元）： 29.31 年内最高/最低（元）： 37.49/21.02 流通A股/总股本（亿）： 1.03/1.38 流通 A 股市值（亿）： 30.31 总市值（亿）： 40.56 基础数据：2025 年 3 月 31 日 基本每股收益(元)： -0.02 摊薄每股收益(元)： -0.02 产品结构变化致 24H2 业绩增长承压，加速拓展产品序列。2024 年，公 司不断拓展技术应用领域，加速拓展 ...