颀中科技：需求回暖-20250312

Investment Rating - The report maintains a "Buy" rating for Qizhong Technology (688352) [6][7]. Core Views - The company is expected to achieve revenue of 1.96 billion yuan in 2024, representing a year-on-year growth of 20.29%, while the net profit attributable to shareholders is projected to decline by 15.71% to 313 million yuan [2][5]. - Demand for non-display chips, including driver chips and power management chips, is recovering, leading to an expansion in packaging and testing capacity, which supports revenue growth [3][4]. - The company is focusing on non-display packaging and testing as a key area for future growth, leveraging advancements in technology to enhance its product offerings and market position [4]. Summary by Sections Financial Performance - In 2024, the company expects to generate revenue of 1.96 billion yuan, with a growth rate of 20.29% compared to the previous year [9]. - The projected net profit for 2024 is 313 million yuan, reflecting a decrease of 15.71% year-on-year [2][9]. - The company’s EBITDA is forecasted to be 810.14 million yuan in 2024, with a growth rate of 15.32% in subsequent years [9]. Business Strategy - The company is actively expanding its packaging and testing capabilities for non-display chips, which is seen as a critical growth area [3][4]. - It aims to enhance its technology and product lines in response to the growing demands of sectors such as big data, IoT, cloud computing, and AI [4]. - The company plans to deepen collaborations with clients in high-performance computing and data centers, aiming to capture a favorable position in international markets [4]. Valuation Metrics - The current stock price corresponds to a PE ratio of 49 times for 2024, 38 times for 2025, and 29 times for 2026 [7][9]. - The company’s market capitalization is approximately 15.3 billion yuan, with a total share capital of 1.189 billion shares [5].