Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company is expected to achieve a rapid growth in net profit for the first half of 2025, with a projected increase of 30%-50% year-on-year, driven by the continuous improvement of its product matrix and the favorable conditions in the semiconductor industry [7] - The company is focusing on high-value new product development, enhancing its competitive edge, and expanding its market presence through both organic growth and acquisitions [7] - The automotive electronics sector is anticipated to be a significant growth area, with the company developing SiC modules for electric vehicles and gaining traction with major Tier 1 suppliers [7] Financial Summary - Revenue projections for the company are as follows: - 2023: 5,410 million RMB - 2024: 6,033 million RMB (11.53% YoY growth) - 2025E: 7,061 million RMB (17.03% YoY growth) - 2026E: 8,402 million RMB (19.00% YoY growth) - 2027E: 9,794 million RMB (16.57% YoY growth) [6] - Net profit forecasts are: - 2023: 924 million RMB - 2024: 1,002 million RMB (8.50% YoY growth) - 2025E: 1,278 million RMB (27.51% YoY growth) - 2026E: 1,536 million RMB (20.20% YoY growth) - 2027E: 1,807 million RMB (17.62% YoY growth) [6] - Earnings per share (EPS) estimates are: - 2024: 1.84 RMB - 2025E: 2.35 RMB - 2026E: 2.83 RMB - 2027E: 3.33 RMB [6] Market Performance - As of July 25, 2025, the closing price of the company's stock is 54.61 RMB, with a total market capitalization of approximately 29,672.22 million RMB [3][4]

Investment Rating - The report maintains a "Recommended" rating for the company [2][6]. Core Insights - The company achieved a significant revenue increase of 35.05% year-on-year, reaching 2.845 billion yuan, while the net profit attributable to shareholders surged by 115.87% to 473 million yuan in 2024 [3][4]. - The strong performance is attributed to robust sales in two core product lines, with power semiconductor chip production and sales increasing by 43.93% and 63.10% respectively, leading to a revenue growth of 44.59% and a gross margin of 23.47% [4]. - The company is expanding its product structure with a new 6-inch wafer production line, which has reached a capacity of 50,000 pieces per month, enhancing its offerings in the power semiconductor sector [5]. - A subsidiary focused on high-end isolation chips has been established, aiming to tap into new growth areas in high-end manufacturing and domestic substitution, with expected sales of around 5 million yuan in 2025 [6]. Financial Performance Summary - The company reported a total revenue of 2,845 million yuan for 2024, with a year-on-year growth rate of 35.05% [12]. - The net profit attributable to shareholders for 2024 was 473 million yuan, reflecting a growth rate of 115.87% [12]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are expected to be 0.78 yuan, 1.02 yuan, and 1.35 yuan respectively [6][12].

近年来，在全球能源转型与智能化浪潮快速发展的当下，功率半导体行业正经历着前所未有的 变革与机遇。 随着"双碳"目标的持续推进、可再生能源的大规模应用、新能源汽车的爆发式增长以及工业自动 化 和 大 数 据 中 心 的 快 速 发 展 ， 对 高 效 、 低 功 耗 、 可 靠 的 功 率 半 导 体 需 求 愈 发 迫 切 。 碳 化 硅 （SiC）、IGBT、MOSFET等关键产品与技术领域成为推动各行业转型升级的核心动力，迎来广 阔的发展空间。 瑞能半导体全球营销高级总监Daniel Lee向笔者强调，瑞能半导体致力于持续深耕高性能半导体 解决方案，以创新驱动产业升级，为市场和客户积极赋能，助力制造业智能化升级与碳中和目标 实现。 瑞能半导体携创新成果亮相2025慕展 据瑞能半导体大中华区销售总监于中豪介绍，瑞能始终专注于研发行业领先、广泛且深入的功率 半导体产品组合，公司主要产品包括SiC器件，可控硅整流器和晶闸管，快恢复二极管，TVS、 ESD，以及IGBT和模块等功率产品，广泛应用于消费电子、工业制造、新能源及汽车等领域， 在诸多产品类型和市场中均保持领先身位。 在此背景下，作为全球功率半导体领域的 ...