WLCSP(603005) 中邮证券·2024-12-09 08:26Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [10]. Core Insights - The company is actively expanding its overseas production capacity, particularly through its Singapore subsidiary, to better meet international customer demands and enhance its position in the global supply chain [12]. - The company is a leader in wafer-level silicon through-silicon vias (TSV) packaging technology, focusing on the smart sensor market, particularly image sensor chips, and continuously innovating its processes to meet new market demands [12]. - The company aims to strengthen its market share in various applications, including smartphones and security monitoring, while also exploring new markets such as MEMS, filters, and AR/VR [12]. Financial Projections - The company is expected to achieve revenues of 1.1 billion, 1.5 billion, and 2 billion yuan in 2024, 2025, and 2026, respectively, with corresponding net profits of 250.28 million, 371.43 million, and 462.08 million yuan [13]. - The projected price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are 75, 50, and 41 times, respectively [13]. - Revenue growth rates are forecasted at -17.43% for 2023, followed by 20.49%, 36.42%, and 33.23% for the subsequent years [15]. Key Financial Metrics - The company reported a total revenue of 913 million yuan in 2023, with a projected increase to 1.1 billion yuan in 2024 [15]. - The EBITDA for 2024 is estimated at 444.35 million yuan, with a net profit margin projected to improve significantly over the next few years [15]. - The company's asset-liability ratio stands at 14.6%, indicating a strong financial position [7].