Ge Long Hui·2026-01-08 22:21Group 1 - The core viewpoint of the article highlights that the company is positioned to benefit significantly from the growing demand for advanced packaging equipment driven by global AI and HPC trends, with a complete equipment matrix covering key processes [1] - The company holds the largest global market share in TCB and has successfully upgraded and mass-produced HB equipment, indicating strong competitive positioning in the advanced packaging sector [1] - The company has seen a continuous increase in new orders for six consecutive quarters, driven by the resonance of AI server demand and domestic market recovery, suggesting a positive outlook for revenue growth [1] Group 2 - The company is expected to experience a significant increase in advanced packaging revenue and global market share due to structural expansion in the industry, particularly with the ramp-up of HBM production and ongoing equipment procurement cycles [1] - The improvement in profit margins is attributed to a higher proportion of high-margin products, structural enhancements in SMT, and cost optimization, indicating a turning point in profitability [1] - The geopolitical landscape and domestic substitution trends are expected to enhance the company's market share in China, as it is the only packaging equipment manufacturer capable of supplying ECD, benefiting from local supply chain policies [1] Group 3 - The company is projected to achieve revenue of HKD 141.14 billion, 165.73 billion, and 189.05 billion for the years 2025-2027, representing year-on-year growth rates of 6.69%, 17.42%, and 14.07% respectively [2] - The expected net profit for the same period is HKD 4.19 billion, 11.13 billion, and 17.15 billion, with corresponding PE ratios of 85, 32, and 21 times, indicating a clear growth trajectory [2] - The investment recommendation is to "overweight" the stock based on the company's long-term growth logic, order recovery, and profit structure improvement [2]