OLYMPIC(SH:603920) CAITONG SECURITIES·2025-08-27 07:32Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a revenue of 2.579 billion yuan in the first half of 2025, representing a year-on-year growth of 7.64%, and a net profit of 384 million yuan, up 26.89% year-on-year [8] - Significant customer expansion has been noted, particularly in high-value products, with successful certifications from top-tier overseas clients and entry into the supply chains of major technology firms [8] - The company is strategically investing in new production lines, particularly in embedded PCB packaging technology, with a total investment of approximately 1.5 billion yuan planned for the "Chip Innovation Smart Carrier" project [8] - Revenue projections for 2025-2027 are estimated at 6.247 billion yuan, 7.730 billion yuan, and 8.980 billion yuan respectively, with corresponding net profits of 884 million yuan, 1.152 billion yuan, and 1.402 billion yuan [8] Financial Performance - The company reported a revenue growth rate of 2.0% in 2023, 11.1% in 2024, and is expected to achieve 24.4% in 2025 [7] - The net profit growth rate is projected at 14.2% for 2023, 36.2% for 2024, and 31.1% for 2025 [7] - Earnings per share (EPS) are forecasted to be 0.93 yuan in 2023, increasing to 1.23 yuan in 2025 and reaching 1.95 yuan by 2027 [7] Market Performance - The company's stock has shown a market performance of -4% over the last 12 months, while the industry benchmark (CSI 300) has seen a performance of 21% [4]