WG Tech(603773) 财信证券·2025-03-13 09:46Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company is actively expanding its main business into mini/micro LED backlight, semiconductor packaging, and CPI/PI film materials, indicating a strategic shift towards high-growth areas [5] - The stock repurchase plan, with an amount between 30 million to 45 million RMB, reflects the company's confidence in its business development [5] - The commercialization of glass substrates is expected to progress, with potential for increased product volume as the industry chain matures [5] Financial Projections - The company's projected revenue for 2024, 2025, and 2026 is 22.50 billion, 30.12 billion, and 40.53 billion RMB respectively, with corresponding net profits of -111.88 million, 102.77 million, and 178.47 million RMB [5][6] - Earnings per share (EPS) is expected to improve from -0.50 in 2024 to 0.80 in 2026 [5][6] - The price-to-earnings (P/E) ratio is projected to be -48.92 in 2024, improving to 30.66 by 2026 [5][6] Market Dynamics - The company is positioned in the optical and optoelectronic industry, which has shown a 44% increase in stock price recently, indicating positive market sentiment [4] - The industry is witnessing advancements, with SKC aiming to commercialize glass substrates by the end of the year, highlighting the growing importance of this technology in AI data centers [5]