Changzhou Fusion New Material (SH:688503) Soochow Securities·2026-04-01 03:57Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company maintains a leading position in silver paste with a stable market share and is expanding its semiconductor business matrix [9] - Revenue for 2025 is projected at 14.593 billion yuan, representing a year-on-year growth of 16.86%, while net profit is expected to be 419.68 million yuan, a slight increase of 0.40% [9] - The company plans to acquire a foreign business unit related to blank mask substrates for semiconductors, which is expected to enhance its production capabilities and fill a domestic gap in technology [9] Financial Projections - Total revenue is forecasted to grow from 12.488 billion yuan in 2024 to 19.592 billion yuan in 2028, with a compound annual growth rate (CAGR) of approximately 21.09% [1] - The projected net profit for 2026 and 2027 is 500.92 million yuan and 647.03 million yuan respectively, with an expected growth rate of 19.36% and 29.17% [1] - The earnings per share (EPS) is expected to increase from 1.73 yuan in 2025 to 3.35 yuan in 2028 [1]