汇成股份：持续扩张

Investment Rating - The investment rating for Huicheng Co., Ltd. (688403) is "Buy" and is maintained [2] Core Views - The company is accelerating domestic substitution in display driver packaging, with its technology in the global first tier. It has mastered key bumping and flip chip packaging technologies, achieving significant production capabilities [5][6] - The company is expanding into the automotive sector, with current products in the consumer electronics field. It is in the certification phase for automotive display products, expecting to ramp up production after obtaining IATF16949 certification [5] - Revenue projections for 2024, 2025, and 2026 are estimated at 1.45 billion, 1.75 billion, and 2 billion yuan respectively, with corresponding net profits of 151.61 million, 200.40 million, and 250.39 million yuan [5][6] Financial Summary - The latest closing price is 9.42 yuan, with a total market capitalization of 7.9 billion yuan and a circulating market value of 5.5 billion yuan [4] - The company’s revenue for 2023 is reported at 1.238 billion yuan, with a growth rate of 31.78%. The projected revenue for 2024 is 1.45 billion yuan, reflecting a growth rate of 17.14% [6][10] - The company’s net profit for 2023 is 195.99 million yuan, with a projected decline of 22.64% in 2024, followed by a recovery in subsequent years [6][10] - The price-to-earnings ratio (P/E) for 2024 is projected at 52.07, decreasing to 31.53 by 2026 [6][10]