Darbond Technology (SH:688035) China Post Securities·2026-03-24 09:46Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [6][14]. Core Insights - The company is projected to achieve a revenue of 1.547 billion yuan in 2025, representing a year-on-year growth of 32.61%. The net profit attributable to shareholders is expected to reach 105 million yuan, with an 8.03% increase year-on-year [3][10]. - The company has made significant advancements in core material technologies, particularly in semiconductor packaging materials, thermal management materials, and high-reliability adhesives, which are expected to enhance its competitive edge in high-end industries [4]. - The thermal interface materials segment is a key business area, with the company providing a comprehensive range of solutions for various applications, including AI servers and electric vehicles, positioning itself as a critical player in the domestic market [5]. Financial Performance Summary - The company anticipates revenues of 1.55 billion yuan in 2025, 2.02 billion yuan in 2026, and 2.58 billion yuan in 2027, with net profits projected at 110 million yuan, 200 million yuan, and 300 million yuan for the respective years [6][10]. - The EBITDA is expected to grow from 219.87 million yuan in 2025 to 478.47 million yuan in 2027, reflecting a strong upward trend in profitability [10]. - The company’s gross margin is projected to improve from 27.5% in 2024 to 32.0% in 2027, indicating enhanced operational efficiency [13].