FHEC(SH:688362) Huajin Securities·2024-07-17 03:00Investment Rating - The report maintains an "Overweight - A" rating for the company [1] Core Views - The semiconductor industry is in a recovery phase, leading to an adjustment in the company's revenue and profit forecasts for 2024 to 2026. Expected revenues are revised from 3.023 billion, 3.547 billion, and 4.252 billion to 3.525 billion, 4.383 billion, and 5.560 billion, representing growth rates of 47.5%, 24.3%, and 26.9% respectively. Net profit forecasts are adjusted from 20 million, 166 million, and 317 million to 54 million, 191 million, and 331 million, with growth rates of 158.3%, 249.7%, and 73.7% respectively [1] - The company's one-stop delivery capability in "Bumping + CP + FC + FT" is forming, with the gradual release of capacity from the second phase project and an expanding customer base and application fields. Significant breakthroughs have been achieved with leading IC design companies in Taiwan, which is expected to improve profitability [1] Financial Data and Valuation - The company is projected to achieve a revenue of 8.53 to 9.53 billion in Q2 2024, representing a year-on-year growth of 52.92% to 70.84% and a quarter-on-quarter growth of 17.45% to 31.21% [21] - For the first half of 2024, the company is expected to achieve revenues between 15.80 billion and 16.80 billion, with a year-on-year growth of 60.78% to 70.96% [21] - The financial forecast includes a gross margin of 21.1% in 2024, increasing to 30.3% by 2026, and a net profit margin projected to reach 6.0% by 2026 [10][25]