WINGTECH(SH:600745) Huachuang Securities·2025-09-01 11:34Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [6][21]. Core Insights - The company's semiconductor business has shown outstanding performance, with a significant increase in gross margin and net profit. The revenue for the first half of 2025 reached 78.25 billion yuan, a year-on-year increase of 11.23%, and the gross margin for this segment was 37.89% [6][7]. - The company is strategically divesting its product integration business to focus entirely on semiconductor operations, which is expected to enhance its competitive position in the global power semiconductor industry [6][7]. - The company has successfully increased its market share in the automotive semiconductor sector, with revenue from this area rising from 44% in 2021 to 59.86% in the first half of 2025 [6][7]. Financial Summary - For the first half of 2025, the company reported total revenue of 253.41 billion yuan, a year-on-year decrease of 24.56%, but a net profit of 4.74 billion yuan, reflecting a year-on-year increase of 237.36% [6]. - The forecast for net profit for 2025-2027 has been adjusted to 18.01 billion yuan, 24.34 billion yuan, and 28.48 billion yuan respectively, based on the company's industry position and asset quality [6][7]. - The target price for the company's stock is set at 58.7 yuan, based on a price-to-earnings ratio of 30 times for 2026 [6][7].