Tianshui Huatian Technology (SZ:002185) Huajin Securities·2024-07-29 14:00Investment Rating - The investment rating for the company is maintained at "Buy-A" [1][2]. Core Views - The company is expected to achieve a significant increase in net profit attributable to shareholders, with a projected growth of over 200% year-on-year for the first half of 2024. This is driven by a recovery in demand for electronic products and an increase in orders, leading to improved capacity utilization and revenue growth [1][2]. - The advanced packaging market is anticipated to grow at a compound annual growth rate (CAGR) of 9.81% from 2021 to 2027, reaching a market size of $59.1 billion by 2027. The 2.5D/3D packaging technology is expected to see a CAGR of 13.73%, with a projected market size of $18 billion by 2027 [1][2]. - The company is actively developing advanced packaging technologies, particularly focusing on the eSinC 2.5D packaging technology platform to meet the high-end testing needs of the AI era [1][2]. Financial Performance and Projections - The company forecasts revenues of 13.02 billion, 15.39 billion, and 17.28 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 15.2%, 18.2%, and 12.3% [2][3]. - The projected net profit attributable to shareholders for the same years is 592 million, 910 million, and 1.28 billion yuan, with growth rates of 161.6%, 53.6%, and 41.1% [2][3]. - The company's price-to-earnings (P/E) ratios are expected to be 44.3, 28.8, and 20.4 for 2024, 2025, and 2026, respectively [2][3]. Market Position and Strategy - The company is positioning itself to capture market share in the advanced packaging sector by establishing a subsidiary focused on board-level packaging technology, aiming to enhance its competitive edge in the market [2][3]. - The company is leveraging its 3D Matrix platform to integrate various advanced packaging technologies, which is expected to drive growth in its market share within the advanced packaging field [2][3].