Core Insights - Hefei Xinhui Microelectronics Co., Ltd. (referred to as "the company") has strategically entered the storage chip packaging and testing sector by investing in Hefei Xinfeng Technology Co., Ltd. and collaborating with East China Technology (Suzhou) Co., Ltd. This move is crucial for expanding its display driver packaging and testing business boundaries and enhancing its competitive edge in the domestic and international storage chip markets [1][4] Group 1: Strategic Positioning - The company leverages the robust semiconductor industry cluster in Hefei, which has allowed it to achieve significant scale in display driver packaging and testing, thus accumulating valuable operational experience [1][2] - By adopting a combination investment model, the company directly acquired a 27.5445% stake in the target entities with an investment of 90.4841 million yuan, while also holding indirect stakes through private equity funds, minimizing risks associated with single business expansion [1][3] Group 2: Operational Efficiency - The local semiconductor ecosystem, including wafer manufacturing and substrate supply, significantly reduces supply chain costs and response times for the storage packaging and testing business [2] - The company plans to enhance its storage packaging capacity by the end of 2027, utilizing its efficient production management and customer service processes from the display driver sector to expedite the transition to large-scale operations [2][4] Group 3: Market Opportunities - The global storage chip market is experiencing structural opportunities driven by AI infrastructure demands, with a notable increase in prices for storage chips over the past six months [3] - The company’s entry into the storage packaging and testing market reflects its strategic foresight and market insight, aiming to establish a dual-core business model of "display + storage" to fuel long-term growth [3][4] Group 4: Technological Advancements - Collaboration with East China Technology, which possesses 3D CUBE solutions, positions the company to make breakthroughs in advanced packaging for 3D DRAM, addressing domestic market gaps and aligning with AI-era storage needs [3] - The company’s non-controlling equity layout helps mitigate short-term profit pressures while leveraging past financial advantages and local investment platforms to promote capacity expansion [3][4]

Performance Forecast - The company forecasts a revenue of 384.525 million yuan for the current reporting period, representing a year-on-year growth of 33.93% to 36.53% [1] - The net profit attributable to shareholders is expected to be between 165 million yuan and 175 million yuan, an increase of 18.59% to 25.77% compared to the previous year [1] - The net profit after deducting non-recurring gains and losses is projected to be between 163.5 million yuan and 174.5 million yuan, reflecting a growth of 19.88% to 27.94% year-on-year [1] Reasons for Performance Change - The primary reason for the performance increase is the gradual relocation of production lines to a new advanced materials production base, leading to enhanced capacity and production of ceramic heaters for domestic semiconductor wafer manufacturers and mainstream semiconductor equipment manufacturers [1] - The demand from a complete semiconductor industry cluster has significantly increased, driving continuous growth in sales revenue of advanced ceramic material components in the semiconductor sector [1] - The company is actively developing new material systems and expanding material application technologies to maintain a technological edge, with ongoing R&D focused on "structure-function" modular products [1]