AMD产业链核心封测厂，先进封装多点开花

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company is a leading third-party semiconductor packaging and testing service provider, continuously expanding its product matrix through both organic growth and acquisitions since its establishment in 1997 [1][8]. - The company's revenue has steadily increased, benefiting from close collaboration with major international players like AMD, with a CAGR of 31.24% from 2018 to 2022 [1][11]. - The semiconductor industry is showing signs of recovery, with advanced packaging contributing to market growth, as demand for computing power continues to rise [1][18]. Summary by Relevant Sections Company Overview - The company has established itself as a key player in the semiconductor packaging and testing industry, providing comprehensive services that cover various fields including AI, high-performance computing, and automotive electronics [1][8]. - It has developed a robust production capacity with seven manufacturing bases and a diverse product range [1][8]. Financial Performance - Revenue increased from 7.223 billion to 21.429 billion yuan from 2018 to 2022, with a notable 3.84% year-on-year growth in Q3 2023 despite a global semiconductor downturn [1][11]. - The company's EBITDA rose from 1.256 billion to 4.075 billion yuan during the same period, indicating stable profitability [1][15]. Market Outlook - The semiconductor industry is expected to recover, with significant inventory reductions and a resurgence in demand for smartphones and PCs [1][18]. - The advanced packaging market is projected to grow from 35 billion to 48.2 billion USD from 2021 to 2026, with a CAGR exceeding the overall industry growth rate [1][37]. Investment Projections - Revenue forecasts for 2023-2025 are 23.687 billion, 28.382 billion, and 32.723 billion yuan, with expected growth rates of 10.54%, 19.82%, and 15.3% respectively [2][5]. - The projected net profit for the same period is 1.43 billion, 10.63 billion, and 14 billion yuan, with significant growth anticipated in 2024 and 2025 [2][5].