Thinkon Semi(SH:688233) Shenwan Hongyuan Securities·2026-03-23 14:42Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported significant revenue recovery in Q4 2025, with a notable increase in silicon component revenue, which has seen high growth for three consecutive years [2][8] - The company is expected to benefit from a rebound in global semiconductor demand and accelerated domestic substitution in the second half of 2025 [8] - The company has a leading technology in semiconductor etching silicon materials, capable of meeting the requirements for processes at 7nm and below [8] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2024: 303 million - 2025: 438 million - 2026E: 752 million - 2027E: 996 million - 2028E: 1,170 million - Year-on-year growth rates for total revenue are projected at: - 2024: 124.2% - 2025: 44.7% - 2026E: 71.6% - 2027E: 32.5% - 2028E: 17.4% [7] - Net profit attributable to the parent company is forecasted as follows: - 2024: 41 million - 2025: 102 million - 2026E: 222 million - 2027E: 316 million - 2028E: 399 million - Year-on-year growth rates for net profit are projected at: - 2025: 148.0% - 2026E: 117.6% - 2027E: 42.5% - 2028E: 26.2% [7][10] Revenue and Profit Performance - In 2025, the company achieved revenue of 438 million, a year-on-year increase of 44.68%, and net profit of 102 million, a year-on-year increase of 148% [8] - Q4 2025 revenue showed significant quarter-on-quarter acceleration, with a gross margin of 51.8% [8] - The company has established a competitive edge in the semiconductor silicon component market, with projected revenues of 1.18 billion and 2.37 billion for 2024 and 2025, respectively [8]