NCE(605111) 华创证券·2025-04-29 13:33Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [7][22]. Core Views - The company demonstrates steady growth in performance, with revenue for 2024 projected at 1.828 billion yuan, reflecting a year-on-year increase of 23.83%. The gross margin is expected to improve by 5.67 percentage points to 36.42% [6][7]. - The company is diversifying its product offerings and optimizing its market structure, with significant contributions from high-end sectors such as automotive electronics and AI servers. The revenue composition for 2024 is expected to be 35% from industrial automation, 18% from automotive electronics, and 15% from photovoltaic storage [7][8]. - The company is investing in R&D, with an allocation of 1.04 billion yuan in 2024, representing 5.67% of revenue. This investment is aimed at advancing technology and developing new products, particularly in the IGBT and third-generation semiconductor sectors [7][8]. Financial Summary - Revenue Projections: - 2024: 1,828 million yuan - 2025: 2,243 million yuan (22.7% growth) - 2026: 2,719 million yuan (21.2% growth) - 2027: 3,224 million yuan (18.6% growth) [2][8] - Net Profit Projections: - 2024: 435 million yuan - 2025: 541 million yuan (24.4% growth) - 2026: 655 million yuan (21.2% growth) - 2027: 795 million yuan (21.4% growth) [2][8] - Earnings Per Share (EPS): - 2024: 1.05 yuan - 2025: 1.30 yuan - 2026: 1.58 yuan - 2027: 1.92 yuan [2][8] - Valuation Ratios: - Price-to-Earnings (P/E) ratio for 2025 is projected at 30 times, with a target price of 39.1 yuan per share [3][7].