L&K(603929) 国信证券·2025-04-02 05:35Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][3][6] Core Views - The company has secured a significant order worth approximately RMB 3.163 billion for the VSMC Singapore wafer fab MEP (Mechanical, Electrical, and Plumbing) project, with a total of RMB 3.793 billion in orders accumulated from the VSMC project [2][10] - The company is a leading player in semiconductor plant system integration engineering, benefiting from the growing demand for semiconductor expansion in China and Southeast Asia [2][13] - The establishment of a wholly-owned subsidiary in Singapore aims to accelerate the company's layout in the Southeast Asian market, which is expected to drive continuous growth in performance [2][16] Summary by Sections Company Orders and Projects - The company announced the receipt of a major order from VSMC for the Singapore wafer fab project, with an expected completion date in September 2027 [2][10] - The company has previously secured a contract worth RMB 630 million for the VSMC facility system project, indicating a strong pipeline of projects [2][10] Market Dynamics - The semiconductor supply chain is shifting towards "short-chain" localization due to geopolitical uncertainties, with Southeast Asia emerging as a key region for semiconductor capacity construction [4] - The Southeast Asian semiconductor market is projected to grow from approximately USD 27 billion in 2020 to around USD 41.1 billion by 2028 [4] Financial Projections - The profit forecast for the company has been raised for 2025-2027, with expected net profits of RMB 478 million, RMB 637 million, and RMB 732 million respectively, reflecting a positive growth trajectory [3][19] - The earnings per share (EPS) estimates have also been adjusted to RMB 2.24, RMB 2.98, and RMB 3.43 for the same period [3][19] Strategic Positioning - The company is leveraging its parent company’s customer resources to accelerate its overseas market expansion, particularly in major projects [9] - The successful execution of the UMC Singapore project is expected to contribute significantly to the company's revenue and profit in 2025 [9][10]