沃格光电：玻璃基板助力CPO

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within six months [5][7]. Core Insights - The company is positioned to benefit from the global push for glass substrates in semiconductor packaging, which enhances yield rates in the back-end processes and supports applications in AI storage, AI reasoning, data centers, autonomous driving, and robotics [3]. - The company has developed significant core technological capabilities in glass thinning, coating, and material development, leading to successful collaborations with major semiconductor firms [3]. - The glass-based Mini LED business is expected to thrive, with the potential to capture a significant market share as the industry transitions to high-resolution displays [4][6]. Financial Projections - Revenue forecasts for the company are projected at 2.3 billion, 2.9 billion, and 3.8 billion yuan for 2024, 2025, and 2026 respectively, with a notable increase in net profit expected in 2025 and 2026 [7][9]. - The company is anticipated to achieve a net profit of 0.8 million yuan in 2025 and 1.9 million yuan in 2026, with corresponding P/E ratios of 68 and 28 [7][9]. Market Position and Strategy - The company has established itself as a key player in the glass substrate market, leveraging its proprietary technologies to meet the growing demand for advanced display solutions and semiconductor applications [3][6]. - The strategic focus on high-performance glass substrates positions the company to capitalize on emerging trends in the electronics and semiconductor industries, particularly in the context of AI and high-definition displays [4][6].