Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Insights - The company is expected to achieve revenue of 4.2 to 4.6 billion yuan in 2025, representing a year-on-year increase of 16.37% to 27.45%, with a net profit attributable to the parent company of 75 to 100 million yuan, an increase of 13.08% to 50.77% [5] - The global semiconductor industry continues to grow, driven by demand in artificial intelligence, high-performance computing, and data center infrastructure [5] - The company is enhancing its advanced packaging capabilities, which are expected to improve delivery times and quality control for clients [5] - The company plans to invest up to 2.1 billion yuan in a new integrated circuit packaging and testing production base in Malaysia to deepen cooperation with overseas clients [6] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 4.4 billion, 5.5 billion, and 7 billion yuan respectively, with net profits of 90.53 million, 273.14 million, and 453.60 million yuan [10][11] - The company anticipates a revenue growth rate of 22.68% in 2025 and 24.51% in 2026 [11] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 0.22 yuan, 0.67 yuan, and 1.11 yuan respectively [10][11]

Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Insights - The company is expected to achieve revenue of 4.2 to 4.6 billion yuan in 2025, representing a year-on-year increase of 16.37% to 27.45%, with a net profit attributable to the parent company of 75 to 100 million yuan, an increase of 13.08% to 50.77% year-on-year [5] - The global semiconductor industry continues to grow, driven by demand in artificial intelligence, high-performance computing, and data center infrastructure [5] - The company is enhancing its advanced packaging capabilities, which are expected to improve delivery times and quality control for clients [5] - The company plans to invest up to 2.1 billion yuan in a new integrated circuit packaging and testing production base in Malaysia to deepen cooperation with overseas clients [6] Financial Performance and Projections - The company is projected to achieve revenues of 4.4 billion yuan in 2025, 5.5 billion yuan in 2026, and 7 billion yuan in 2027, with net profits of 90.53 million yuan, 273.14 million yuan, and 453.60 million yuan respectively [10][11] - The expected growth rates for revenue are 22.68% in 2025, 24.51% in 2026, and 27.00% in 2027 [10] - The company's gross margin is projected to improve from 17.5% in 2025 to 19.9% in 2027, while the net profit margin is expected to rise from 2.0% to 6.5% over the same period [11]

投资建议：结合行业动态及公司2025 年业绩预告，我们调整原有预测，预计2025-2027 年， 公司营业 收入分别为45.24/55.73/67.06 亿元， 增速分别为25.3%/23.2%/20.3% ； 归母净利润分别为0.94/2.37/3.70 亿元， 增速分别为41.1%/152.9%/56.3%。考虑到甬矽电子"Bumping+CP+FC+FT"的一站式交付能力形 成，二期项目产能逐步释放/下游客户群及应用领域不断扩大，叠加中国台湾地区头部IC 设计客户收入 持续增长&local for local 供应链趋势下客户持续拓展，盈利能力有望改善，维持"增持"评级。 风险提示：下游终端需求不及预期；行业与市场波动风险；国际贸易摩擦风险；新技术、新工艺、新产 品无法如期产业化风险；主要原材料供应及价格变动风险等。 AI 带动行业景气度，产线建设/客群拓展/规模效应三线并举。2025 年，全球半导体产业在人工智能、 高性能计算、数据中心基础设施建设等需求的拉动下，延续增长态势。得益于海外大客户的持续放量和 国内核心端侧SoC 客户群的成长，公司营业收入规模保持增长。根据公司披露，预计公司2025 年实 ...