Tianshui Huatian Technology (SZ:002185) Huajin Securities·2024-07-04 14:30Investment Rating - The investment rating for the company is maintained at "Accumulate-A" [1] Core Views - The company is actively positioning itself in the FOPLP (Fan-Out Panel Level Packaging) sector, seizing opportunities in domestic packaging technology transformation [1] - The establishment of Jiangsu Pangu Semiconductor Technology Co., Ltd. marks a significant step towards the industrialization of multi-chip high-density panel-level fan-out packaging technology, with an expected annual output value exceeding 900 million yuan upon full production [1][2] - The advanced packaging technology is gaining attention due to its ability to meet the demands for miniaturization, lightweight, low cost, high density, and high reliability in the AI era [1] - The company is expected to see revenue growth driven by the increasing demand for advanced packaging solutions, particularly in the context of AI and high-performance computing [2] Financial Projections - Revenue projections for the company from 2024 to 2026 are 13.02 billion, 15.39 billion, and 17.28 billion yuan, with growth rates of 15.2%, 18.2%, and 12.3% respectively [2][3] - Net profit attributable to shareholders is projected to be 592 million, 910 million, and 1.28 billion yuan for the same period, with growth rates of 161.6%, 53.6%, and 41.1% respectively [2][3] - The company's PE ratios are expected to be 43.7, 28.5, and 20.2 for the years 2024, 2025, and 2026 [2][3] Market Position and Competitive Advantage - The company aims to enhance its market share in the advanced packaging sector through the development and application of panel-level packaging technology [1] - The FOPLP technology offers significant advantages in terms of area utilization and cost reduction, with a cost decrease of up to 66% compared to traditional packaging methods [1] - The company is well-positioned to capitalize on the growing demand for advanced packaging in various applications, including automotive chips, where approximately 66% of chips can utilize FOPLP technology [1]