研报掘金丨中邮证券：维持通富微电“买入”评级，供应链及上下游产业投资收益增厚业绩

Core Viewpoint - The report from Zhongyou Securities indicates that Tongfu Microelectronics is expected to achieve significant revenue growth in high-end products, driven by structural growth in the global semiconductor industry and effective management of supply chain investments [1] Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of 1.1 to 1.35 billion yuan for the fiscal year 2025, representing a year-on-year growth of 62.34% to 99.24% [1] - The increase in revenue is primarily attributed to higher capacity utilization and a notable rise in revenue from high-end products [1] Group 2: Strategic Investments - The company plans to raise no more than 4.4 billion yuan through a private placement to enhance its capabilities in storage, automotive, wafer-level packaging, high-performance computing, and communication sectors [1] - The funds from the private placement will be directed towards high-growth areas with strong domestic substitution and technology intensity, aiming to improve existing capacity and supply flexibility [1] Group 3: Market Positioning - The company is focused on seizing opportunities from the recovery of downstream markets and structural growth, providing robust localized packaging and testing support for leading domestic and international clients [1] - The strategic investments are intended to solidify the company's leading position in the global packaging and testing industry [1]