FHEC(688362) 甬兴证券·2025-01-20 10:55Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company is expected to achieve revenue of 3.5 to 3.7 billion yuan in 2024, representing a year-on-year growth of 46.39% to 54.76% [1] - The company is projected to turn a profit in 2024, with a net profit forecast of 0.55 to 0.75 billion yuan, compared to a loss of approximately 0.93 billion yuan in 2023 [2] - The company has shown a significant improvement in profitability, with a gross margin of 17.48% in the first three quarters of 2024, an increase of 3.41 percentage points year-on-year [2] - The demand for advanced packaging driven by AI is expected to benefit the company significantly, as it has developed various advanced packaging technologies [3] - The semiconductor industry is experiencing a mild recovery, which is expected to enhance the company's production capacity and market share [3] Revenue and Profit Forecast - The company achieved revenue of approximately 2.39 billion yuan in 2023, with a projected revenue of 3.63 billion yuan in 2024, indicating a year-on-year growth rate of 51.7% [6] - The net profit for 2024 is expected to be 0.66 billion yuan, with further growth projected to 2.52 billion yuan in 2025 and 5.29 billion yuan in 2026 [4][6] - The earnings per share (EPS) are forecasted to be 0.16 yuan in 2024, increasing to 0.62 yuan in 2025 and 1.29 yuan in 2026 [4][6] Market Position and Strategy - The company is positioned as a primary supplier for many SoC clients in the domestic market, which is expected to enhance its market share as demand for AI-related chips increases [3] - The company is actively expanding its product lines in wafer-level packaging and automotive electronics, which is anticipated to contribute to rapid revenue growth in 2024 [3]