通富微电（002156）：拟定增加码先进封装

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 1.1 to 1.35 billion yuan in 2025, representing a year-on-year growth of 62.34% to 99.24%. The non-recurring net profit is projected to be 770 to 970 million yuan, with a year-on-year growth of 23.98% to 56.18%. This growth is attributed to the structural growth in the global semiconductor industry, increased capacity utilization, and significant revenue growth from mid-to-high-end products [4] - The company plans to raise no more than 4.4 billion yuan through a private placement to enhance its packaging capacity in storage, automotive, wafer-level, high-performance computing, and communication sectors. The funds will be allocated to five major projects aimed at increasing production capacity and supporting domestic and international leading clients [5] Financial Projections - Revenue projections for 2025 to 2027 are 27.34 billion yuan, 31.56 billion yuan, and 36.46 billion yuan respectively, with net profits expected to be 1.29 billion yuan, 1.65 billion yuan, and 2.07 billion yuan [6] - The company is expected to maintain a growth rate of 14.49% in 2025, 15.44% in 2026, and 15.51% in 2027 for revenue [10] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.85 yuan, 1.09 yuan, and 1.36 yuan respectively [11]