FHEC(SH:688362) Chang Jiang Shang Bao·2025-06-18 17:08Core Viewpoint - The performance of Yongxi Electronics is benefiting from the continuous improvement in the integrated circuit industry, with projected revenue growth for the first half of 2025 between 1.9 billion to 2.1 billion yuan, representing an increase of 16.6% to 28.88% year-on-year [1] Group 1: Financial Performance - In Q1 2025, the company reported revenue of 945 million yuan, a year-on-year increase of 30.12%, and a net profit attributable to shareholders of 24.6 million yuan, up 169.40% [1] - However, the company's non-recurring net profit showed a loss of 28.15 million yuan [1] Group 2: Capacity Expansion - The capacity expansion is a significant support for the company's revenue growth, with a total investment of 1.092 billion yuan in the "High-end Integrated Circuit Packaging and Testing Phase II (Stage I) Project," completing about 50% of the planned total investment [2] - The "High-density and Mixed Integrated Circuit Packaging and Testing Project" is also progressing, with a cumulative investment of 757 million yuan by the end of 2024, accounting for about 35% of the planned total investment [2] - The capital expenditure for 2025 is expected to remain within 2.5 billion yuan, focusing on expanding existing product lines and advanced packaging fields [2] Group 3: Market Expansion - The overseas market is a crucial driver for the company's revenue growth, achieving sales revenue of 624 million yuan in 2024, a year-on-year increase of 259.19% [2] Group 4: Research and Development - The company's R&D expenses have consistently increased from 97 million yuan in 2021 to 217 million yuan in 2024 [3] - By the end of 2024, the number of R&D personnel reached 1,025, accounting for 17.89% of total employees, with an average salary increase of 8.22% to 165,900 yuan [3] - The company holds a total of 158 invention patents, 239 utility model patents, and 3 design patents, with 39 new invention patents added last year, focusing on core technology areas such as wafer-level packaging and system-level packaging [3]