Hwatsing Technology (688120) 东吴证券·2024-12-27 07:33Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance of over 15% compared to the benchmark in the next six months [9][15]. Core Insights - The company is set to benefit from the rapid development in AI and high-performance computing, leading to increased demand for its CMP and thinning equipment, which are critical for advanced packaging technologies [2]. - The acquisition of the remaining 82% stake in the subsidiary, Chiplet, is structured with a performance-based compensation mechanism to mitigate acquisition risks and incentivize the core technical team [9][21]. - The company's projected net profits for 2024-2026 are 10.9 billion, 13.8 billion, and 15.8 billion CNY, with corresponding dynamic P/E ratios of 40, 31, and 27 [22]. Financial Summary - The company’s operating cash flow is expected to increase from 653 million CNY in 2023 to 1,153 million CNY in 2024, with a projected net profit margin of 30.78% in 2024 [6][28]. - Revenue is forecasted to grow from 2.51 billion CNY in 2023 to 3.53 billion CNY in 2024, reflecting a year-on-year growth rate of 40.92% [28]. - The company’s total assets are projected to rise from 9.12 billion CNY in 2023 to 11.99 billion CNY in 2024, indicating a strong growth trajectory [33].