FHEC(SH:688362) Huaxin Securities·2024-09-01 07:41Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company has shown a significant revenue increase of 65.81% year-on-year, reaching 1.629 billion yuan in the first half of 2024, and has turned a profit with a net profit of 0.12 billion yuan [1][3] - The gross margin has steadily improved, reaching 18.01%, an increase of 5.83 percentage points year-on-year, driven by the recovery in the industry and expansion of new customers [1][3] - The company is actively increasing R&D investment, with R&D expenses amounting to 93.98 million yuan, representing 5.77% of revenue, focusing on advanced packaging technologies [1][3] Revenue and Profit Forecast - The company is projected to achieve revenues of 3.45 billion yuan, 4.38 billion yuan, and 5.26 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 0.18 yuan, 0.49 yuan, and 0.83 yuan [3][5] - The revenue growth rates are expected to be 44.3% in 2024, 27.0% in 2025, and 20.2% in 2026 [5] Advanced Packaging Development - The company is focusing on high-density SiP packaging technology, which is being applied to 5G RF front-end integration modules and IoT communication products [2][3] - The company has made significant advancements in dual-sided SiP technology, enhancing integration capabilities for RF chips [2][3]