Investment Rating - The investment rating for the company is "Outperform the Market" [5]. Core Views - The company is positioned to benefit from the ongoing semiconductor capacity migration to Singapore, which is seen as a safe haven amid geopolitical uncertainties [1][46]. - The company has secured significant semiconductor engineering orders in Singapore, indicating strong demand and potential for revenue growth [2][30]. - The valuation of the company is significantly lower than its peers, suggesting potential for revaluation as overseas business continues to grow [2][19]. Summary by Sections Investment Recommendations - The profit forecast has been raised, maintaining the "Outperform the Market" rating. The projected net profits for 2025-2027 are 477 million, 816 million, and 713 million yuan respectively, with corresponding earnings per share of 2.24, 3.83, and 3.34 yuan [3][4]. Financial Forecasts and Indicators - The company’s revenue is expected to grow significantly, with projected revenues of 3,201 million, 5,381 million, 4,570 million, 6,369 million, and 5,871 million yuan from 2023 to 2027, reflecting a growth rate of 5.3%, 68.1%, -15.1%, 39.4%, and -7.8% respectively [4]. - The company's EBIT margin is projected to improve from 10.1% in 2023 to 12.8% in 2027, indicating enhanced profitability [4]. Market Trends - Singapore is becoming a key hub for semiconductor manufacturing, contributing 10% of global semiconductor output and 20% of semiconductor equipment output, with a manufacturing output value exceeding 1,330 billion SGD (approximately 1,010 billion USD) in 2023 [33][34]. - The Singapore government is actively supporting the semiconductor industry through strategic fiscal policies, including a 180 billion SGD investment from 2021 to 2025 to bolster R&D and infrastructure [34][37]. Company Positioning - The company has a strong competitive edge in the semiconductor cleanroom engineering sector, leveraging its parent company's resources and expertise to expand its overseas market presence [11][12]. - The company has secured major contracts with leading semiconductor manufacturers, including UMC and VSMC, which are expected to significantly contribute to its revenue in the coming years [30][31].