SINOPACK(003031) 浙商证券·2025-04-23 08:35Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [3][5]. Core Insights - The company is a leading domestic supplier of electronic ceramics and third-generation semiconductors, focusing on the core track of domestic self-control. It has achieved mass supply of precision ceramic components, addressing critical supply chain issues, and its valuation is expected to improve [1][2]. - The company has a compound annual growth rate (CAGR) of 34% in revenue and 35% in net profit from 2016 to 2021, and it has opened new market opportunities following significant asset restructuring in 2023 [1][2]. - The electronic ceramics market in China is projected to reach nearly 100 billion, with a domestic production rate of only 23%, indicating substantial room for growth [1][44]. Summary by Sections 1. Electronic Ceramics and Third-Generation Semiconductors - The company is backed by China Electronics Technology Group and has established itself as a benchmark for self-control in the industry. It has successfully expanded into the third-generation semiconductor market through strategic acquisitions [16][25]. - The dual focus on electronic ceramics and third-generation semiconductors positions the company as a leader in domestic substitution and technological innovation [25][26]. 2. AI-Driven Upgrades in Optical Modules - The demand for high-end optical modules is expected to surge, with the company already achieving mass production of 800G optical communication device shells, comparable to international products [1][44][69]. - The company is investing in the construction of production lines for electronic ceramic shells, which will continue to release capacity and potentially lead to a performance inflection point [1][69]. 3. Precision Ceramic Components Breakthrough - The market for advanced structural ceramics in China is expected to reach approximately 28.6 billion by 2025, with the current domestic production rate at only 20% [79]. - The company has achieved breakthroughs in the domestic production of key components used in semiconductor equipment, which are expected to contribute significantly to profits and enhance valuation [1][76]. 4. Acquisition of Bowei and Guolian Wanzhong - The company completed a major asset restructuring in 2023, acquiring Bowei and Guolian Wanzhong to deepen its involvement in the third-generation semiconductor sector [2][19]. - Bowei focuses on GaN RF chips, with a market size of approximately 10.3 billion in 2023, while Guolian Wanzhong specializes in SiC automotive chips, benefiting from the rapid growth of the electric vehicle market [2][20]. 5. Profit Forecast - The company is projected to achieve net profits of 538 million, 701 million, and 876 million for the years 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of 10%, 30%, and 25% [3][10].