Core Viewpoint - The company held a semi-annual performance briefing on September 5, 2025, to discuss its operational results, financial indicators, and development strategies with investors, addressing common concerns raised by shareholders [1][2]. Group 1: Company Performance - In the first half of 2025, the company achieved a sales revenue of 667 million yuan, representing a year-on-year growth of 24.68% [3]. - The net profit attributable to the listed company was 165 million yuan, an increase of 49.78% year-on-year, while the net profit after deducting non-recurring gains and losses was 151 million yuan, up 67.28% year-on-year [3]. Group 2: Business Expansion and Strategy - The company is actively developing its GaN (gallium nitride) business through its investment in the Israeli company VisIC, which is working on automotive inverter solutions [4]. - The Malaysian production base in Penang has completed land and factory purchases and is currently designing and constructing a cleanroom, with sample production expected to begin in the second half of 2026 [6][8]. Group 3: Market Position and Technology - The company is a leader in wafer-level TSV packaging technology and is focusing on the smart sensor chip market, which is projected to grow significantly due to advancements in AI and automotive technologies [10]. - The global image sensor (CIS) market is expected to grow to 28.6 billion USD by 2029, with a compound annual growth rate of 4.7% from 2023 to 2029 [10]. Group 4: Shareholder Concerns - The company clarified that the recent share reductions by major shareholders are based on personal financial needs and do not reflect a lack of confidence in the company's future [5][7]. - The company emphasized that it is committed to effective market value management to align its market capitalization with operational performance [7].

Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a target price of 33.54 CNY per share, based on a PE valuation of 55 times for 2025 [4][6]. Core Views - The company is positioned as a leader in advanced packaging for CIS technology, showing strong growth in Q2 2025 with a projected net profit increase of 39.14% to 80.24% year-on-year [1]. - The automotive sector is driving demand for automotive-grade CIS chips, with the market expected to grow from 2.3 billion USD in 2024 to 3.2 billion USD by 2029, benefiting the company's CIS business [2]. - The smartphone market is showing signs of recovery, with a projected 1.4% year-on-year increase in shipments in the first half of 2025, providing growth opportunities for the company [3]. Financial Projections - Revenue projections for the company are 1.54 billion CNY in 2025, 2.03 billion CNY in 2026, and 2.57 billion CNY in 2027, with corresponding net profits of 398 million CNY, 518 million CNY, and 662 million CNY respectively [4][11]. - The company is expected to achieve a net profit margin of 25.9% in 2025, increasing slightly to 25.7% by 2027 [13]. - The company's earnings per share (EPS) is projected to be 0.61 CNY in 2025, rising to 1.01 CNY by 2027 [11].

Group 1 - The company expects a net profit attributable to shareholders for the first half of 2025 to be between 150 million and 175 million yuan, representing a year-on-year growth of 36.28% to 58.99% [1][2] - The net profit, excluding non-recurring gains and losses, is estimated to be approximately 135 million to 155 million yuan, with a year-on-year increase of 49.54% to 71.69% [1][2] - The previous year's net profit attributable to shareholders for the first half of 2024 was 110.07 million yuan, with a net profit of 90.28 million yuan after excluding non-recurring gains and losses [1] Group 2 - The significant increase in profit is primarily driven by the rapid development of automotive intelligence, leading to a notable growth in demand for automotive-grade CIS chips, where the company has a leading position in packaging business and technology [1] - The company continues to innovate and develop advanced packaging technologies to meet the technical needs of new business and products from customers, while also optimizing production processes and management models to enhance operational efficiency [1]

Core Viewpoint - The company expects to achieve a net profit attributable to shareholders of 150 million to 175 million yuan for the first half of 2025, representing a year-on-year growth of 36.28% to 58.99% [1] - After excluding non-recurring gains and losses, the expected net profit is approximately 135 million to 155 million yuan, with a year-on-year increase of 49.54% to 71.69% [1] Company Performance - The company is experiencing significant growth in the automotive intelligent sector, particularly in the automotive CIS chip market [1] - The scale and technological advantages of the company's packaging business in the automotive CIS field are continuously improving [1]