晶合集成（688249）：持续丰富产品种类，扩大高阶晶圆产能

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 9.246 billion yuan in 2024, representing a year-on-year increase of 27.69%, and a net profit of 533 million yuan, up 151.78% year-on-year [4] - The company has diversified its product offerings and is expanding its high-end wafer production capacity, with significant advancements in various technology nodes [7] - The company has successfully implemented cash dividends for the first time since its listing, indicating strong financial performance [4] Financial Data and Profit Forecast - The total revenue forecast for 2023 is 7.244 billion yuan, with a projected growth rate of -27.9%, followed by 9.249 billion yuan in 2024 with a growth rate of 27.7% [6] - The net profit for 2024 is expected to be 533 million yuan, with a significant increase of 151.8% compared to the previous year [6] - The company anticipates a net profit of 892 million yuan in 2025, reflecting a growth rate of 67.3% [6] - The gross margin is projected to be 25.5% in 2024, an increase of 3.89 percentage points year-on-year [7] Product and Market Development - The company is focusing on high-value-added areas, with R&D expenses projected at 1.284 billion yuan in 2024, accounting for 13.88% of revenue [7] - The company has made significant progress in various product lines, including the mass production of 40nm HV OLED DDIC and advancements in CIS technology [7] - A strategic partnership with a key client aims to overcome domestic technology bottlenecks and enhance the supply capacity of high-end CIS chips [7] Adjusted Profit Forecast - The profit forecast for 2025 has been adjusted to 892 million yuan from a previous estimate of 1.737 billion yuan, with new projections for 2026 and 2027 set at 1.197 billion yuan and 1.769 billion yuan, respectively [7]