晶合集成(688249)：新平台放量带动营收结构持续优化

Core Viewpoint - The company reported strong financial performance for 2024, with significant revenue and profit growth driven by a recovering semiconductor market and improved operational efficiency [1][2]. Financial Performance - In 2024, the company achieved revenue of 9.25 billion yuan, a year-on-year increase of 27.7%, and a net profit attributable to shareholders of 530 million yuan, up 151.8% year-on-year [1]. - For Q4 2024, revenue was 2.47 billion yuan, reflecting an 11.1% year-on-year growth and a 4.1% quarter-on-quarter increase; net profit for the same period was 254 million yuan, up 41.3% year-on-year and 176.2% quarter-on-quarter [1]. Market and Product Development - The recovery in the global semiconductor market has led to increased sales and high capacity utilization for the company [2]. - The company has diversified its product offerings, with new platforms achieving mass production, including 40nm OLED display driver chips and 55nm mid-to-high-end CIS image sensor chips [2]. - The revenue contribution from the CIS platform increased significantly from 6% in 2023 to 17% in 2024, making it the second-largest revenue source for the company [2]. Future Outlook - The company plans to continue optimizing its product lines and accelerate the development and mass production of OLED, high-end CIS, and power management chips (PMIC) [3]. - Key developments include the large-scale production of 55nm mid-to-high-end BSI and stacked CIS chips, and the successful lighting of 110nm Micro OLED chips [3]. - The company aims to enhance its product structure and improve gross margins through ongoing R&D investments [3]. Valuation and Rating - The target price is set at 27.10 yuan, maintaining a "buy" rating based on diversified product structure supporting long-term growth [4]. - The net profit forecasts for 2025 and 2026 have been adjusted upward by 6% and 3% to 870 million yuan and 1.12 billion yuan, respectively [4]. - The estimated EPS for 2025, 2026, and 2027 are projected to be 0.44, 0.56, and 0.65 yuan, respectively [4].