Tianshui Huatian Technology (SZ:002185) Huajin Securities·2024-04-08 16:00Investment Rating - The investment rating for the company is maintained at "Buy-A" [1][2]. Core Viewpoints - The company is expected to achieve a revenue of 13 billion yuan in 2024, with a growth rate of 15.2% [2]. - The semiconductor market is anticipated to be at the end of its downward cycle, which may positively impact the company's performance [2]. - The company has introduced over 300 new clients in 2023 and is focusing on advanced packaging technology development [1][2]. Financial Performance - In 2023, the company reported a revenue of 11.298 billion yuan, a decrease of 5.1% year-on-year [3]. - The net profit attributable to shareholders was 226 million yuan, down 70% year-on-year [3]. - The company aims for a net profit of 469 million yuan in 2024, representing a growth of 107% [3]. Revenue and Profit Forecast - Revenue projections for 2024 to 2026 are 13.020 billion yuan, 15.393 billion yuan, and 16.514 billion yuan, respectively [2][3]. - The expected net profit for 2024 is 469 million yuan, increasing to 810 million yuan in 2025 and 967 million yuan in 2026 [3]. Market Position and Strategy - The company is enhancing its market share in advanced packaging, leveraging technologies such as 3D Matrix and various packaging techniques [2]. - The focus on automotive electronics and advanced packaging capabilities is expected to drive growth and improve profitability [1][2].