Leadmicro(688147) 光大证券·2025-02-02 16:00Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has developed a new edge passivation technology for photovoltaic half-cell batteries, overcoming industry bottlenecks and creating a long-term growth point [1] - The company is expanding its product matrix in the photovoltaic sector, maintaining a leading market share in ALD equipment, and is well-positioned to benefit from the ongoing transition to TOPCon battery technology [2] - The semiconductor business is also growing, with an increase in ALD and CVD process types, and a significant rise in customer orders [2] Financial Performance - For the first three quarters of 2024, the company achieved revenue of 1.54 billion yuan, a year-on-year increase of 51.2%, while net profit decreased by 2.8% to 150 million yuan [3] - The revenue forecast for 2024 is set at 2.676 billion yuan, with a projected net profit of 331 million yuan, reflecting a growth rate of 22.5% [4] - The company’s EPS is expected to grow from 0.72 yuan in 2024 to 1.38 yuan in 2026, with corresponding P/E ratios decreasing from 34x to 18x over the same period [4] Market Position and Strategy - The company is leveraging its technological advantages to expand its product offerings and increase market coverage, particularly in the high-efficiency battery production sector [2] - The company’s semiconductor segment is seeing a significant increase in orders, with a total of 1.344 billion yuan in hand orders as of June 30, 2024 [2] Valuation Metrics - The company’s projected revenue growth rates are 59.31% for 2024 and 30.45% for 2025, with a long-term growth forecast of 20.33% for 2026 [4] - The return on equity (ROE) is expected to rise from 12.56% in 2024 to 17.81% in 2026, indicating improving profitability [4][11]