Thinkon Semi(SH:688233) China Post Securities·2026-02-24 06:04Investment Rating - The report maintains a "Buy" rating for the company [9][7] Core Views - The company is expected to achieve significant revenue growth in Q4 2025, with projected revenues between 430 million to 450 million yuan, representing a year-on-year increase of 42.04% to 48.65%. Net profit is forecasted to be between 110 million to 130 million yuan, showing a year-on-year growth of 135.30% to 178.09% [4][5] - The company benefits from a fully integrated production capability from silicon materials to silicon components, which enhances its profitability potential. The increase in production capacity and efficiency in the silicon materials business is expected to drive down costs and improve margins [4][5] - The company has established a strategic investment fund to focus on key equipment, components, and materials, aiming for accelerated growth through external development while leveraging its industry advantages [6][8] Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 450 million, 750 million, and 1.2 billion yuan respectively, with net profits expected to be 110 million, 220 million, and 380 million yuan [9][11] - The company anticipates a gross margin improvement, with gross margins projected to be 41.9% in 2025 and 47.6% in 2027 [14] - The earnings per share (EPS) is expected to grow from 0.24 yuan in 2024 to 2.22 yuan in 2027, reflecting strong profitability growth [11][14]