Xin Lang Cai Jing·2025-10-09 12:30Core Insights - OpenAI and AMD have announced a partnership to deploy a total of 6GW of AMD chips, with an initial deployment of 1GW starting in the second half of next year, potentially generating nearly $100 billion in revenue for AMD over the coming years [1][2] - The company, as a core packaging and testing manufacturer for AMD, is expected to significantly benefit from the increased business scale with major clients [1][2] Financial Performance - In the first half of 2025, the company achieved revenue of 13.04 billion yuan, a year-on-year increase of 17.7%, with contributions from joint ventures with AMD's testing plants in Suzhou and Penang totaling 8.3 billion yuan, up 15.7% [3] - The net profit for the same period was 410 million yuan, reflecting a year-on-year growth of 27.7%, with the Suzhou and Penang plants contributing 730 million yuan in net profit, a 24% increase [3] - The company forecasts net profits of 1.09 billion yuan, 1.85 billion yuan, and 2.71 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 61%, 69%, and 47% [1][3] Valuation Metrics - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.72 yuan, 1.22 yuan, and 1.79 yuan, respectively [1][3] - The current stock price corresponds to price-to-earnings (PE) ratios of 56x, 33x, and 23x for the years 2025, 2026, and 2027, respectively, leading to a "buy" rating [1][3]