MACMIC(SH:688711) Zhong Guo Zheng Quan Bao·2026-01-30 09:39Core Viewpoint - Hongwei Technology (688711) expects a significant turnaround in its financial performance for 2025, projecting a net profit of 14 million to 21 million yuan, compared to a loss of 14.47 million yuan in the previous year [4]. Financial Performance - The company anticipates a non-recurring net profit of 8 million to 12 million yuan for 2025, improving from a loss of 33.99 million yuan in the prior year [4]. - As of January 30, the company's price-to-earnings (P/E) ratio (TTM) is estimated to be between 312.23 and 468.35 times, with a price-to-book (P/B) ratio (LF) of approximately 6.32 times and a price-to-sales (P/S) ratio (TTM) of about 4.91 times [4]. Industry Outlook - The power semiconductor industry is expected to see a recovery in 2025, driven by increased global investment in intelligent computing and rising demand for new power electronic devices in sectors such as renewable energy generation, industrial control, and AI server power supplies [15]. - The company is focusing on expanding its product offerings, including IGBT, MOSFET, FRD, SiC, and GaN products, to meet market demands and enhance its overall profitability [15]. Historical Financial Trends - Historical data indicates a trend of improving net profit and non-recurring net profit, with projections showing a significant increase in both metrics for 2025 compared to previous years [16]. - The company has experienced substantial year-on-year growth rates in net profit, with projections indicating a recovery from previous losses [16].