颀中科技(688352)：显示驱动封测领军者 非显示业务打造第二极

Core Viewpoint - The company, Hefei Qizhong Technology Co., Ltd., is a leading provider of advanced packaging and testing services for integrated circuits, maintaining a strong position in the industry through technological leadership and a solid customer base [1] Industry Overview - The display driver industry chain is shifting to mainland China, leading to rapid growth in domestic packaging and testing demand. In 2020, the market size for display driver chip packaging in mainland China reached 4.68 billion yuan, with a CAGR of 16% from 2016 to 2020 [2] - The penetration of AMOLED technology in smartphones, wearables, and tablets is driving incremental demand. The global AMOLED penetration rate is expected to rise from 18% in 2017 to 41% by 2024 [2] Company Positioning - The company offers comprehensive packaging services across various processes, including gold bump manufacturing and COG/COP/COF packaging, and has established a strong customer base including leading firms like Novatek and Etron Technology. The company is well-positioned to benefit from the domesticization trend in the industry [3] - The company is strategically targeting the high-growth AMOLED DDIC packaging segment, with projections indicating that revenue from AMOLED products will account for 20% of total revenue by 2024 [3] Non-Display Business Development - The company's non-display packaging services focus on power management and RF front-end chips, providing a complete solution for wafer-level chip-scale packaging. The projected revenue from non-display chip packaging is approximately 150 million yuan in 2024, reflecting a year-on-year growth of about 17% [4] Financial Projections - The company is expected to achieve revenues of 2.253 billion, 2.686 billion, and 3.042 billion yuan in 2025, 2026, and 2027, respectively, with corresponding net profits of 310 million, 410 million, and 520 million yuan. The projected EPS for these years are 0.26, 0.34, and 0.44 yuan, with PE ratios of 43.65, 33.54, and 26.21 based on the closing price on August 8, 2025 [5]