其中，纽威流体二期高端精密阀门扩产项目预计投资5亿元，扩增高端工业阀门智能生产线等，达产后 新增年产值可达8亿元。和林微纳三期手机光学镜头组件及半导体封测业务扩产项目计划总投资7.6亿 元，用于手机光学镜头组件、半导体封测业务的扩产，达产后新增年产值可达8.7亿元。计划总投资6亿 元的珂玛科技（301611）二期先进陶瓷结构功能模块化产品扩产项目，则将全部用于生产先进陶瓷结构 功能模块化产品，预计新增年产值将达到6亿元以上。毫厘电子二期电力电子液冷产品扩产项目计划投 资5.5亿元，将建设各类液冷产线15条，预计新增年产各类冷板100万片，达产后新增年产值可达8亿 元。 此次签约项目都是太湖科学城功能片区的"老朋友"，涵盖光子、智能制造等新兴领域，计划新增工业用 地198.62亩，预计投产后将实现年产值31亿元。 本报讯(轲晓渚)8月18日，苏州高新区太湖科学城重点项目增资扩产签约仪式举行，总投资24.1亿元的优 质产业项目落地，为地区光子、智能制造等产业强链、补链、延链。 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index in the next 6 to 12 months [18]. Core Views - The semiconductor industry is experiencing a recovery, but performance is varied across different segments. The company is gradually contributing to revenue growth, particularly in advanced packaging technologies [5][8]. - The company is focusing on high-performance packaging technologies, including 2.5D/3D packaging, which positions it well to benefit from the growing demand for high-performance and high-computing power chips [12][13]. - The financial forecasts for the company have been adjusted, with expected net profits of 1.7 billion, 1.9 billion, and 2.2 billion for 2025, 2026, and 2027 respectively, indicating a solid growth trajectory [14]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 9.27 billion yuan, a year-on-year increase of 7.24%, while the net profit attributable to the parent company was 267 million yuan, a year-on-year decrease of 44.75% [7]. - The company’s gross margin was 14.3%, with a net margin of 2.88% [7]. - The company’s R&D expenses reached 5.7% of revenue in Q2, reflecting a commitment to innovation despite rising costs [7]. Revenue Breakdown - The revenue from different segments in H1 2025 includes: 1. Communication Electronics: 7.09 billion yuan, up 10.8% year-on-year [9]. 2. Computing Electronics: 4.17 billion yuan, up 71.4% year-on-year [9]. 3. Consumer Electronics: 4.02 billion yuan, down 4.6% year-on-year [9]. 4. Automotive Electronics: 1.73 billion yuan, up 34.6% year-on-year [9]. 5. Industrial and Medical Electronics: 1.6 billion yuan, up 37.8% year-on-year [9]. Future Outlook - The company is actively developing advanced packaging technologies, which are expected to support future growth in various applications, including automotive and high-performance computing [12][13]. - The integration of capabilities in computing, storage, power, and automotive electronics is anticipated to enhance the company's competitive position as the industry recovers [14].

Group 1 - Xiaopeng Motors has published a patent for a bipedal robot's gait control method, enabling it to walk on rugged terrain by controlling the leg's swing and support phases with a delay mechanism [1] - General Motors and LG Energy Solution are collaborating to commercialize a new lithium manganese-rich (LMR) square battery for future electric trucks and full-size SUVs, aiming to be the first automaker to deploy LMR batteries in electric vehicles by 2028 [1] - Samsung Electronics has achieved over 60% yield for its 3nm and over 40% yield for its 2nm nodes based on GAA transistor structure, and is in the final stages of performance evaluation for advanced process orders with external clients [1] Group 2 - The global top ten semiconductor packaging and testing companies are projected to generate a combined revenue of $41.56 billion in 2024, reflecting a 3% year-on-year growth, with notable growth for Changdian Technology and Tianshui Huatian due to policy support and local demand [1]

Investment Rating - The report assigns a positive outlook for the company, indicating a potential for growth in the semiconductor packaging and testing sectors, with specific revenue growth expectations for Q2 2025 [2][16]. Core Insights - The company reported Q1 2025 revenue of NT$148.15 billion, a 12% year-over-year increase, despite a 9% quarter-over-quarter decline. The gross margin improved to 16.8%, up 1.1 percentage points year-over-year [3][7]. - The semiconductor packaging segment generated NT$86.67 billion in revenue, a 17% year-over-year increase, while the electronic manufacturing services (EMS) segment saw a 5% year-over-year growth despite a 17% quarter-over-quarter decline [10][12]. - The company anticipates a 9%-11% quarter-over-quarter revenue growth in the semiconductor packaging business for Q2 2025, with an expected gross margin increase of 140-180 basis points [16]. Summary by Sections Q1 2025 Performance Overview - The company achieved a consolidated revenue of NT$148.15 billion, with a gross margin of 16.8% and a net profit of NT$75.54 billion [3][7]. - The semiconductor packaging division's revenue was NT$86.67 billion, with a gross margin of 22.6%, while the EMS division's revenue was NT$62.3 billion, with a gross margin of 8.9% [10][12]. Business Segment Analysis - **Semiconductor Packaging**: Revenue of NT$86.67 billion, with a gross margin of 22.6%. The segment is expected to see continued growth, particularly in AI-related testing services [10][11]. - **Electronic Manufacturing Services**: Revenue of NT$62.3 billion, with a gross margin of 8.9%. The segment faced challenges due to supply constraints and seasonal fluctuations [12][13]. Demand and Market Outlook - The demand in the automotive sector is expected to grow, while other electronic sectors are gradually recovering. The company is optimistic about its automotive business growth this year [4][32]. - The company has low direct exposure to U.S. market risks, with less than 10% of its EMS shipments going to the U.S., allowing for flexibility in production location adjustments [4][31]. Q2 2025 Guidance - The semiconductor packaging business is projected to grow by 9%-11% quarter-over-quarter, while the EMS segment is expected to decline by 10% year-over-year [16].