NATA OPTO-ELECT(300346) 平安证券·2025-04-27 10:10Investment Rating - The investment rating for the company is "Recommended" [1] Core Views - The company's performance is steadily growing due to the gradual recovery in downstream panel and semiconductor demand, with Q1 2025 revenue reaching 627 million yuan, a year-on-year increase of 23.19% [3][6] - The company has completed the acquisition of the remaining 16.5% stake in Quanjiao Nanda and has sold the hexafluorobutylene project to focus on its core business [6] - The company has successfully reduced its total expense ratio to 18.52% in Q1 2025, down from 26.15% in the same period of 2024, indicating effective cost control [6] Financial Performance - In Q1 2025, the company achieved a net profit of 96 million yuan, a year-on-year increase of 16.38%, and a net profit excluding non-recurring items of 76 million yuan, up 22.80% year-on-year [3][6] - The projected revenue for 2025 is 3.072 billion yuan, with a year-on-year growth of 30.6% [5] - The projected net profit for 2025 is 362 million yuan, reflecting a year-on-year increase of 33.5% [5] Market and Industry Outlook - The global LCD panel shipment area increased by 12.1% year-on-year in Q1 2025, indicating a recovery in panel demand [6] - The semiconductor sales continue to grow, with China's chip production in January-February 2025 reaching 76.72 billion units, a year-on-year increase of 4.4% [6] - The company is expected to maintain good growth momentum in its specialty gas and precursor business due to the improving fundamentals in the semiconductor and panel industries [7]