Thinkon Semi(SH:688233) Great Wall Securities·2025-09-05 06:58Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][9]. Core Views - The company has experienced significant revenue and profit growth in the first half of 2025, driven by the recovery of the semiconductor cycle and increased domestic demand for chip manufacturing [2][9]. - The company's gross margin improved to 37.59%, up by 12.33 percentage points year-on-year, while the net profit margin reached 27.03%, an increase of 22.64 percentage points year-on-year [2]. - The company is well-positioned to benefit from the ongoing recovery in the semiconductor market, with expectations of continued growth in revenue and profit through 2027 [9]. Financial Performance Summary - In the first half of 2025, the company achieved revenue of 209 million yuan, a year-on-year increase of 66.53%, and a net profit of 49 million yuan, up 925.55% year-on-year [1][2]. - The company's revenue projections for 2025 to 2027 are 501 million yuan, 755 million yuan, and 1,070 million yuan, respectively, with corresponding net profits of 118 million yuan, 205 million yuan, and 316 million yuan [1][9]. - The company's earnings per share (EPS) are projected to be 0.69 yuan, 1.20 yuan, and 1.86 yuan for 2025, 2026, and 2027, respectively [1][9]. Business Segment Growth - The company's major products, including large-diameter silicon materials and silicon components, have shown rapid growth, with silicon components nearing the total revenue of the previous year [3]. - The company has successfully integrated its products into the supply chains of leading domestic semiconductor manufacturers, enhancing its market presence [3][8]. Market Outlook - The global semiconductor market is expected to grow by 11.2% in 2025, with significant increases in capital expenditures and production capacity utilization among integrated circuit manufacturers [8]. - The domestic semiconductor supply chain is evolving rapidly, with local manufacturers improving their technology and market share, creating further opportunities for the company [8].