Tianshui Huatian Technology (002185) 开源证券·2024-07-15 14:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a significant quarter-on-quarter growth in Q2 2024, maintaining a "Buy" rating. The forecast for H1 2024 indicates a net profit attributable to the parent company between 190 million to 230 million yuan, representing a year-on-year increase of 202.17% to 265.78% [2] - The company is accelerating the construction of advanced packaging capacity, with a focus on 2.5D and FOPLP technologies, which are expected to drive future growth [4] Summary by Relevant Sections Financial Performance - For H1 2024, the company expects a net profit of 190 million to 230 million yuan, with a Q2 net profit forecast of 133 million to 173 million yuan, showing a quarter-on-quarter increase of 133.16% to 203.3% [2] - The company aims for a revenue target of 13 billion yuan in 2024, reflecting a year-on-year growth of 15.06% [4] - The projected net profits for 2024, 2025, and 2026 are 664 million, 1.03 billion, and 1.54 billion yuan respectively, with corresponding EPS of 0.21, 0.32, and 0.48 yuan [2][5] Capacity Expansion - The company is investing in advanced packaging technologies, with significant projects underway: - A 9.95 billion yuan investment in a wafer-level advanced packaging production line, expected to achieve a monthly capacity of 700,000 pieces and generate annual sales of 7 billion yuan [4] - A 10 billion yuan investment in the second phase of the Nanjing project, focusing on Chiplet/FCBGA/SiP technology, projected to be completed by 2028 with an annual output value of 6 billion yuan [4] - A 3 billion yuan investment in the FOPLP board-level packaging project, expected to start production in Q1 2025 with an annual output value exceeding 900 million yuan [4] Market Position and Shareholder Confidence - The company's controlling shareholder, Huaten Electronics Group, has increased its stake by approximately 21 million shares, indicating confidence in the company's future stability and growth [3]