WG Tech(SH:603773) Caixin Securities·2025-09-08 11:10Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a positive outlook for investment returns relative to the market index [4]. Core Insights - The company's traditional business operations are stable, and its glass-based business is gradually contributing to revenue [1]. - The company reported a revenue of 1.19 billion yuan in the first half of 2025, a year-on-year increase of 14.20%, although it still recorded a net loss of 54 million yuan [4]. - The gross margin improved to 19.03%, up by 2.57 percentage points year-on-year, while the net margin was -3.41%, a decline of 2.22 percentage points year-on-year [4]. - The glass-based circuit boards and lamp products from the subsidiary Dehong have entered mass production, contributing to revenue growth [5]. - The company is advancing its TGV technology development and application, particularly in the Micro LED field, which is expected to meet the demands of global display brands [5]. Financial Projections - Revenue is projected to reach 30.53 billion yuan in 2025, 42.28 billion yuan in 2026, and 62.17 billion yuan in 2027, with corresponding net profits of 0.68 billion yuan, 1.84 billion yuan, and 3.46 billion yuan respectively [1][6]. - The company’s P/E ratios are expected to improve from -1,924.50 in 2023 to 25.23 in 2027, reflecting a significant recovery in profitability [4][6].