通富微电：拟定增加码先进封装-20260202

Investment Rating - The report maintains a "Buy" rating for the company [1][6] 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% [4] - The increase in revenue from mid-to-high-end products and improved investment returns from the supply chain and upstream industries are key drivers for the company's performance [4] - The company plans to raise up to 4.4 billion yuan through a private placement to enhance its packaging capacity in storage, automotive, wafer-level, high-performance computing, and communication sectors [5] Financial Summary - The latest closing price is 52.06 yuan, with a total market capitalization of 79 billion yuan [3] - Revenue projections for 2025, 2026, and 2027 are 27.34 billion, 31.56 billion, and 36.46 billion yuan respectively, with corresponding net profits of 1.29 billion, 1.65 billion, and 2.07 billion yuan [6][10] - The company’s asset-liability ratio is 60.1%, and the price-to-earnings ratio is 115.69 [3][10]