Changzhou Fusion New Material (SH:688503) Soochow Securities·2026-04-01 04:25Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - 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 business unit related to blank mask substrates in South Korea for 68 billion KRW, which will enhance its semiconductor capabilities [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 net profit attributable to the parent company is expected to increase from 418.01 million yuan in 2024 to 809.62 million yuan in 2028, reflecting a growth rate of 25.13% [1] - The earnings per share (EPS) is projected to rise from 1.73 yuan in 2024 to 3.35 yuan in 2028 [1]