Microguide Nano (LEADMICRO): Semiconductor equipment orders continue to grow rapidly, photovoltaic business demonstrates resilience
In 2024: the company achieved revenue of 2.7 billion yuan, a year-on-year increase of 61%; net profit attributable to shareholders of 227 million yuan, a year-on-year decrease of 16%; net profit attributable to shareholders after deducting non-recurring items of 187 million yuan, basically the same as the previous year; gross profit margin of 39.99%, a year-on-year decrease of 3.65pct; net profit margin of 8.40%, a year-on-year decrease of 7.70pct.
2024Q4: The company achieved revenue of 1.156 billion yuan, a year-on-year increase of 76% and a month-on-month increase of 53%; net profit attributable to shareholders of the parent company was 0.76 billion yuan, a year-on-year decrease of 34% and a month-on-month decrease of 30%, mainly because the company, out of prudence, made provisions for credit and asset impairment of approximately 300 million yuan; non-net profit attributable to shareholders of the parent company was 0.73 billion yuan, basically flat year-on-year; gross profit margin was 42.18%, a year-on-year decrease of 3.44pct and a month-on-month increase of 3.90pct; net profit margin was 6.57%, a year-on-year decrease of 10.95pct and a month-on-month decrease of 7.68pct.
2025Q1: The company achieved revenue of 510 million yuan, up 199% year-on-year; net profit attributable to the parent company was 84 million yuan, up 2254% year-on-year; gross profit margin was 36.14%, down 6.77pct year-on-year, down 6.04pct month-on-month, and the gross profit margin decreased from the same period to the previous month. We believe that the main reason is that the gross profit margin of photovoltaic equipment has declined, while the proportion of semiconductor equipment revenue has further increased; net profit margin was 16.48%, up 14.39pct year-on-year, up 9.91pct month-on-month, and the net profit margin increased significantly year-on-year, mainly because some of the company's R&D projects have achieved industrial application, and R&D investment has declined year-on-year after the completion of the project. The significant improvement in net profit margin month-on-month is attributed to the large impairment losses in 2024Q4.
Three new ALD tools and Three new CVD tools
Photovoltaic equipment has grown rapidly against the trend, and semiconductor equipment has accelerated its volume growth. By product: 1) Photovoltaic equipment: Revenue of 2.3 billion yuan in 2024, up 53% year-on-year, gross profit margin of 40.67%, down 3.14pct year-on-year. The company's photovoltaic business maintains high growth against the trend, which on the one hand demonstrates the company's resilience as the leader of ALD, and on the other hand also shows that the battery segment with rapid technological iteration has strong risk resistance. 2) Semiconductor equipment: Revenue of 327 million yuan in 2024, up 168% year-on-year, and the proportion of revenue increased by about 5pct year-on-year to 12%, gross profit margin of 27.68%, up 0.44pct year-on-year. The semiconductor business is accelerating, and profitability is not strong at this stage. We believe that it is mainly due to the low gross profit margin of some confirmed verification orders. With the gradual confirmation of high-gross-profit repeated batch orders, the gross profit margin is expected to quickly increase to a level no less than that of photovoltaic equipment.There are sufficient orders on hand, and semiconductor equipment orders continue to grow rapidly. As of the end of 2024, the company had 6.772 billion yuan in orders on hand, of which 5.188 billion yuan, 1.505 billion yuan and 79 million yuan were in the photovoltaic, semiconductor and emerging application fields, respectively. Semiconductor equipment orders on hand increased by 65.91% year-on-year, accounting for 22%, and the proportion of newly signed orders increased significantly to 33%.
