Darbond Technology (SH:688035) Bank of China Securities·2025-09-08 07:17Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company has shown steady growth in its performance for the first half of 2025, with revenue reaching 690 million RMB, a year-on-year increase of 49.02%, and a net profit attributable to shareholders of 46 million RMB, up 35.19% year-on-year [3][9] - The report highlights the company's strong prospects in integrated circuits and smart terminal packaging materials, supported by a favorable market environment and successful implementation of acquisition strategies [3][5] Financial Performance Summary - For the first half of 2025, the company achieved a revenue of 690 million RMB, with a gross margin of 27.46% and a net margin of 6.74% [3][9] - The second quarter of 2025 saw revenue of 374 million RMB, a 43.80% increase year-on-year, although net profit decreased by 7.51% year-on-year [3][10] - The company plans to distribute a cash dividend of 1.00 RMB per 10 shares (before tax) for the mid-year profit distribution [3] Revenue and Profit Forecast - The company expects net profits for 2025, 2026, and 2027 to be 146 million RMB, 209 million RMB, and 293 million RMB respectively, with corresponding earnings per share of 1.03 RMB, 1.47 RMB, and 2.06 RMB [5][11] - The report anticipates a significant increase in revenue, projecting 1.61 billion RMB for 2025, with a growth rate of 37.9% [7][11] Market Position and Competitive Advantage - The company has a strong customer base in the smart terminal packaging materials sector, including major players like Apple, Huawei, and Xiaomi, and has achieved a high market share in TWS earphones and smartphones [3][8] - The acquisition of Taijino has expanded the company's portfolio in high-end thermal interface materials, contributing to revenue growth [3][5]