WINGTECH(SH:600745) Tianfeng Securities·2025-09-25 06:42Investment Rating - The investment rating for the company is "Accumulate" [9] Core Views - The company is strategically adjusting its product integration business to focus on high-margin, high-barrier semiconductor operations. The semiconductor business has shown steady growth due to industry recovery, while the product integration business has faced challenges due to being placed on an entity list [1][3] - In the first half of 2025, the company reported a revenue of 25.341 billion yuan, a year-on-year decrease of 24.56%, but a net profit attributable to the parent company of 0.474 billion yuan, a year-on-year increase of 237.36% [1] - The semiconductor business achieved a revenue of 7.825 billion yuan, a year-on-year increase of 11.23%, with a gross margin of 37.89% and a net profit of 1.261 billion yuan, a year-on-year increase of 17.05% [1][2] Summary by Sections Semiconductor Business Performance - The semiconductor business is experiencing growth driven by strong sales in power and analog semiconductors, with significant demand from the automotive sector, AI infrastructure, and industrial applications. The revenue from the automotive sector accounted for 59.86% of the semiconductor business in the first half of 2025 [2][4] - The company is focusing on R&D and innovation to enhance its product offerings, with a significant portion of its semiconductor products meeting automotive-grade standards [2][4] Product Integration Business Challenges - The product integration business has faced significant revenue declines due to the impact of being placed on an entity list, leading to a net loss of 0.685 billion yuan in the first half of 2025 [1][3] - The company has decided to divest its product integration business to concentrate resources on strengthening its semiconductor business, which is expected to enhance its competitive advantage in the semiconductor industry [3][6] Financial Projections - The company forecasts revenues of 35.636 billion yuan, 18.331 billion yuan, and 20.447 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 1.909 billion yuan, 2.588 billion yuan, and 3.114 billion yuan for the same years [6][7] - The company is expected to maintain stable profitability in the future as it focuses on the semiconductor sector [6]