Thinkon Semi(SH:688233) China Post Securities·2026-02-24 07:25Investment Rating - The report maintains a "Buy" rating for the company [9][7] Core Insights - The company is expected to achieve significant revenue growth in Q4 2025, with projected revenue 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 an integrated production capability from silicon materials to silicon components, which enhances its profitability potential. The increase in operational rates and the ability to sell large-diameter silicon materials directly contribute to cost reductions and scale efficiencies [4][5] - The company has established an industrial investment fund to focus on key equipment, components, and materials, aiming for external growth alongside its core business development [6][8] Financial Projections - Revenue is projected to reach 450 million yuan in 2025, 750 million yuan in 2026, and 1.2 billion yuan in 2027, with net profit expected to be 110 million yuan, 220 million yuan, and 380 million yuan respectively [9][11] - The company’s EBITDA is forecasted to grow from 209.65 million yuan in 2025 to 551.63 million yuan in 2027, indicating strong operational efficiency [11][14] - The company’s earnings per share (EPS) is expected to increase from 0.63 yuan in 2025 to 2.22 yuan in 2027, reflecting robust growth in profitability [11][14]