WINGTECH(SH:600745) China Post Securities·2025-09-02 02:27Investment Rating - The report maintains a "Buy" rating for Wentech Technology (600745) [4][11] Core Views - The company is focusing entirely on semiconductors by divesting its ODM business. In the first half of 2025, it achieved revenue of 25.341 billion yuan, a year-on-year decrease of 24.56%, while net profit attributable to the parent company was 0.474 billion yuan, a year-on-year increase of 237.36% [2][3] - The company is undergoing a strategic business transformation and has completed the sale of three subsidiaries in the first half of 2025. The investment gains from these divestitures are expected to be reflected in the third quarter [3] - The semiconductor business generated revenue of 7.825 billion yuan in the first half of 2025, a year-on-year increase of 11.23%, with net profit of 1.261 billion yuan, up 17.05% year-on-year. The company has seen strong growth in the automotive, industrial, and consumer sectors [3] Financial Forecasts - Revenue projections for 2025, 2026, and 2027 are 33.75 billion yuan, 18.54 billion yuan, and 21.69 billion yuan, respectively. Net profit forecasts for the same years are 1.86 billion yuan, 2.64 billion yuan, and 3.33 billion yuan [4][6] - The report indicates a significant decline in revenue for 2025, with a forecasted decrease of 54.15% compared to 2024, followed by a recovery in 2027 with a growth rate of 17.00% [6][10] Company Overview - The latest closing price for Wentech Technology is 43.43 yuan, with a total market capitalization of 54.1 billion yuan. The company has a debt-to-asset ratio of 53.5% [7][10]