华天科技（002185）：跟踪报告之六：营收利润双增长，先进封装产业化加速

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company achieved revenue of 17.214 billion yuan in 2025, representing a year-on-year growth of 19.03%, and a net profit attributable to shareholders of 711 million yuan, up 15.30% year-on-year [1] - The company experienced significant order growth in 2025, with quarterly revenues showing consistent year-on-year increases, culminating in a record high of 4.834 billion yuan in Q4 2025, which is a 22.99% increase year-on-year and a 5.10% increase quarter-on-quarter [2] - The company completed 62.88 billion integrated circuit packages in 2025, a 9.33% increase year-on-year, and 2.1199 million wafer-level integrated circuit packages, up 20.16% year-on-year [2] - The gross margin for 2025 was 13.26%, an increase of 1.19 percentage points year-on-year, while the net margin was 4.68%, up 0.12 percentage points year-on-year [2] - The company is accelerating the industrialization of advanced packaging technologies, including board-level packaging and 2.5D platform technology, and has successfully developed high-density memory packaging technologies for automotive applications [3] - The acquisition of Huayi Microelectronics aims to enhance the company's packaging and testing business layout and open a second growth curve, focusing on high-performance power devices and serving major clients in high-growth sectors [3] Financial Summary - Revenue projections for 2026 and 2027 have been revised down to 11.16 billion yuan and 13.38 billion yuan, respectively, reflecting a decrease of 19% and 16% [4] - The company is expected to achieve a net profit of 1.638 billion yuan in 2028, with a long-term positive outlook in the advanced packaging sector as capacity is released and orders are fulfilled [4] - The company's earnings per share (EPS) is projected to increase from 0.22 yuan in 2025 to 0.50 yuan in 2028 [4] - The price-to-earnings (P/E) ratio is expected to decrease from 53 in 2025 to 23 in 2028, indicating improved valuation over time [4]