NCE(605111) 光大证券·2024-05-22 04:02Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its long-term development prospects [2][21]. Core Insights - The company, Xin Jie Neng, is a leading domestic power semiconductor enterprise, focusing on the research, design, and sales of MOSFETs, IGBTs, and other power devices. It has established four major product technology platforms and has launched over 3,000 product models, covering a voltage range from 12V to 1700V [21]. - The company has seen a decline in revenue and net profit in 2023, with a revenue of 1.477 billion yuan (down 18.46% year-on-year) and a net profit of 323 million yuan (down 25.75% year-on-year). However, it is expected to recover with projected revenues of 1.905 billion yuan in 2024 and 2.322 billion yuan in 2025 [7][21]. - The company is actively expanding its product matrix in the automotive electronics sector, having launched 200 automotive-grade MOSFET products and established direct supply relationships with major clients like BYD [21]. - In the photovoltaic sector, demand is expected to gradually recover in 2024, and the company aims to maintain its leading position in the domestic IGBT market while promoting its IGBT module products [21]. - The company is also strategically entering the AI server market, responding to the growing demand for AI computing power, and has already achieved bulk sales with leading clients in this field [21]. Financial Summary - The company's projected net profits for 2024 and 2025 are 405 million yuan and 524 million yuan, respectively, with a further increase to 651 million yuan in 2026 [2][7]. - The earnings per share (EPS) are expected to rise from 1.08 yuan in 2023 to 2.18 yuan in 2026 [7][21]. - The price-to-earnings (P/E) ratio is projected to decrease from 35 in 2023 to 17 in 2026, indicating an improving valuation over time [7][21].