Tianshui Huatian Technology (SZ:002185) Huajin Securities·2024-06-17 14:01Investment Rating - The investment rating for the company is maintained at "Accumulate-A" [1] Core Views - The report highlights the advantages of indium sheets over traditional thermal interface materials (TIM) in terms of thermal conductivity, which is crucial for efficient heat management in high-performance chips [1][3] - The increasing demand for AI computing power is expected to drive the need for advanced packaging solutions, benefiting the company as it continues to release production capacity [3][4] - The company has successfully achieved mass production of indium sheet packaging technology, optimizing heat dissipation solutions for various high-performance applications [1][3] Financial Performance and Projections - The company's revenue projections for 2024 to 2026 have been adjusted to 13.02 billion, 15.39 billion, and 17.28 billion CNY, with growth rates of 15.2%, 18.2%, and 12.3% respectively [1][4] - The net profit attributable to the parent company is forecasted to be 592 million, 910 million, and 1.28 billion CNY for the same period, with growth rates of 161.6%, 53.6%, and 41.1% respectively [4][5] - The report indicates a significant improvement in gross margin from 8.9% in 2023 to 18.8% by 2026, reflecting enhanced operational efficiency [4][5] Market Position and Competitive Advantage - The company is positioned to increase its market share in the advanced packaging sector due to its innovative technologies and continuous capacity expansion [3][4] - The integration of various advanced packaging technologies, such as 3D Matrix, is expected to enhance the company's reliability and density in chip integration [3][4] Analyst Insights - Analysts suggest that the company's advancements in indium sheet technology and its ability to meet high standards in quality control will support its growth trajectory in the semiconductor industry [1][3]