WLCSP(603005) 东吴证券·2024-12-31 11:53Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% in the next six months [11][13]. Core Insights - TSMC has announced the launch of a new Co-Packaged Optics (CPO) technology in 2026, which integrates its advanced CoWoS packaging technology with Silicon Photonics to meet the demands of AI and high-performance computing [1]. - The company is optimizing its TSV-STACK packaging process and expanding its technology service capabilities, which is expected to enhance production efficiency and open new market opportunities [2]. - The report highlights the increasing penetration of silicon photonics solutions, which are expected to alleviate delivery issues in AI data centers and improve cost-effectiveness as bandwidth requirements evolve [12]. Financial Summary - The company's total revenue is projected to increase from 913.29 million in 2023 to 1,943.43 million by 2026, reflecting a compound annual growth rate (CAGR) of approximately 26.24% [1]. - The net profit attributable to the parent company is expected to rise from 150.10 million in 2023 to 488.51 million in 2026, with a significant growth rate of 62.15% in 2024 [1]. - The report provides a detailed financial outlook, with EPS projected to grow from 0.23 in 2023 to 0.75 in 2026, indicating a strong upward trend in profitability [1][13].