FHEC(SH:688362) Tianfeng Securities·2025-09-20 11:53Investment Rating - The investment rating for the company is "Buy" with a target price set for the next six months [6][16]. Core Viewpoints - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 2,010.29 million yuan, a year-on-year growth of 23.37%, and net profit attributable to shareholders amounting to 30.32 million yuan, a year-on-year increase of 150.45% [1][2]. - The recovery of the industry and the acquisition of new clients have driven high revenue growth in H1 2025, with the global semiconductor sales reaching 179.7 billion USD, a year-on-year increase of nearly 20% [2]. - The company is enhancing its one-stop delivery capability in advanced packaging and automotive electronics, with significant revenue contributions from wafer-level packaging products, which generated 85.28 million yuan, a year-on-year growth of 150.80% [3][4]. Financial Data and Projections - The company plans to increase its revenue from 2,390.84 million yuan in 2023 to 6,788.34 million yuan by 2027, with a compound annual growth rate (CAGR) of approximately 24.78% [10][11]. - The projected net profit for the company is expected to rise from a loss of 93.39 million yuan in 2023 to a profit of 423.53 million yuan by 2027 [10][11]. - R&D investment has been robust, reaching 142.18 million yuan in H1 2025, accounting for 7.07% of revenue, with a year-on-year increase of 51.28% [4][5]. Market Position and Strategy - The company is focusing on smart manufacturing and domestic substitution to reduce costs and improve efficiency, while also implementing an equity incentive plan to align the interests of the core team with the company's performance [5]. - The company has successfully expanded its customer base, with 13 clients generating over 50 million yuan in sales, including four clients exceeding 100 million yuan [2][3].