闻泰科技（600745）：盈利能力持续修复

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of between 390 million to 585 million yuan in the first half of 2025, representing a year-on-year increase of 178% to 317% [5] - The semiconductor business is experiencing continuous growth, with improved profitability due to market demand recovery, cost reduction strategies, and supply chain optimization [6] - The automotive sector is showing significant advantages, with over 60% of revenue coming from this area, and new product releases are expected to drive growth [7] Company Overview - Latest closing price is 37.11 yuan, with a total market capitalization of 462 billion yuan [3] - The company has a debt-to-asset ratio of 53.5% and a price-to-earnings ratio of -16.28 [3] Financial Projections - Projected revenues for 2025, 2026, and 2027 are 330.0 billion, 185.2 billion, and 218.2 billion yuan respectively, with net profits of 18.6 billion, 26.6 billion, and 33.1 billion yuan [8] - The company is expected to recover from previous losses, with a forecasted net profit of 1.86 billion yuan in 2025 [12] Performance Metrics - The company is expected to see a significant increase in EBITDA from 4.43 billion yuan in 2024 to 7.70 billion yuan in 2025 [12] - The gross profit margin is projected to improve from 9.8% in 2024 to 21.6% in 2025 [13]