WLCSP(SH:603005) Hua Yuan Zheng Quan·2025-08-25 00:23Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance is driven by high growth in the automotive CIS market, and its industrial synergy capabilities are continuously strengthening [5] - The global semiconductor industry is entering a recovery phase, with the company benefiting from trends in AI, automotive intelligence, and robotics [7] - The company is a leader in WLCSP advanced packaging technology and is expanding its capabilities through acquisitions [7] Financial Performance Summary - In H1 2025, the company achieved revenue of 667 million yuan, a year-on-year increase of 24.68%, and a net profit attributable to shareholders of 165 million yuan, up 49.78% year-on-year [7] - The company expects revenue to grow from 1,130 million yuan in 2024 to 2,559 million yuan in 2027, with a compound annual growth rate (CAGR) of 21.34% [6] - The projected net profit for 2025 is 391 million yuan, with a year-on-year growth rate of 54.50% [6] Market and Industry Insights - The global automotive CIS market is expected to grow from 2.3 billion USD in 2023 to approximately 3.16 billion USD by 2029, with a CAGR of 5.4% [7] - The semiconductor market size reached 346 billion USD in H1 2025, reflecting a year-on-year growth of 18.9% [7] Earnings Forecast and Valuation - The company’s projected earnings per share (EPS) are expected to increase from 0.39 yuan in 2024 to 0.98 yuan in 2027 [6] - The price-to-earnings (P/E) ratio is projected to decrease from 83.32 in 2024 to 32.80 in 2027, indicating improving valuation metrics [6]