Shanghai Securities·2025-09-09 09:35Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in the first half of 2025 shows steady growth, driven by both supply and demand factors. The smartphone market is experiencing a stable upward trend, while the PC market is entering a replacement cycle. Additionally, demand for consumer electronics and smart wearable devices is increasing due to edge AI applications [4] - The company has added nearly 20,000 pieces of 12-inch standard logic monthly capacity in the first half of the year, maintaining a leading capacity utilization rate in the industry and ranking second globally among pure wafer foundry companies [4] - The overall expense ratio has decreased, contributing to a steady improvement in profit levels. The operating profit and net profit margins reached 11.24% and 10.41%, respectively, in the first half of 2025, an increase of approximately 4.30 and 4.16 percentage points year-on-year [5] - The acquisition plan is progressing, which is expected to enhance the company's overall capacity and positively impact product structure optimization and technology extension [5] Financial Data Summary - The company is projected to achieve operating revenues of 705.11 billion, 789.72 billion, and 908.18 billion from 2025 to 2027, with corresponding net profits of 50.96 billion, 61.21 billion, and 71.95 billion, reflecting year-on-year growth rates of 37.78%, 20.12%, and 17.53% [6] - The estimated P/E ratios for 2025, 2026, and 2027 are 179.86, 149.74, and 127.41, respectively [6] - The company's revenue growth rates are projected at 27.7% for 2024, 22.0% for 2025, 12.0% for 2026, and 15.0% for 2027 [10]