Western Securities·2025-10-14 01:31Group 1 - Core conclusion: The report projects revenue for SMIC (688981.SH) to be 69.92 billion, 79.81 billion, and 92.52 billion yuan for 2025-2027, with net profit of 5.97 billion, 6.69 billion, and 8.19 billion yuan respectively, maintaining its leading position in the mainland foundry market [1][6] - SMIC is the largest foundry in mainland China, with production capabilities covering 350-7nm process nodes, and has made breakthroughs equivalent to 5nm technology [6] - The global market share of SMIC is expected to increase from 5.3% in 2023-2024 to 6%, moving from the 5th to the 3rd position globally [6] Group 2 - The report highlights the rapid growth of Weilon's (9985.HK) konjac products, with classic flavors like spicy and sour gaining market penetration, and new flavors like sesame sauce seeing quick sales growth [2][9] - The cost pressure on konjac powder is expected to decline from 2025 to 2027, leading to improved profit margins [10] - Revenue projections for Weilon are 7.33 billion, 8.45 billion, and 9.44 billion yuan for 2025-2027, with net profit expected to be 1.47 billion, 1.78 billion, and 2.10 billion yuan respectively, indicating significant growth [10] Group 3 - The report expresses optimism about the consumer sector, identifying four categories of investment opportunities, including low absolute valuation stocks with high dividends, stocks with improved fundamentals, reasonably valued stocks with high growth certainty, and sectors likely to benefit from short-term policy stimuli [3][12][13] - The consumer sector is expected to rebound due to improved fundamentals and cash flow, with specific companies showing positive changes in their competitive landscape [12] - The report suggests that the semiconductor market is poised for recovery, driven by AI and technological innovation, with a projected growth in the global semiconductor market from $679 billion in 2025 to $1,061 billion by 2030 [7]