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华安证券给予汇成股份买入评级:深耕显示驱动封测领域,高端产能扩张蓄力成长
Sou Hu Cai Jing· 2025-08-31 09:04
Group 1 - The core viewpoint of the report is that Huicheng Co., Ltd. (688403.SH) is rated as a "buy" due to its strong position in the display driver chip packaging and testing industry, with ongoing expansion of high-end capacity [1] - The company is expected to benefit from the trend of domestic production in the display industry, with AMOLED and automotive-grade chip packaging and testing likely to contribute additional growth [1] - Huicheng Co., Ltd. is also expanding into storage chip packaging technology, which opens up new growth opportunities for the company [1] Group 2 - The report highlights several risks, including the potential for lower-than-expected downstream demand, high customer concentration, intensified industry competition, and risks associated with capacity construction [1] - Additional risks mentioned include the significant depreciation of new fixed assets, challenges in new business development, and currency fluctuation risks [1]