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颀中科技(688352):募投产能释放致使毛利率承压,AMOLED收入占比持续上升
Bank of China Securities· 2025-04-03 02:36
Investment Rating - The report maintains a rating of "Buy" for the company [2][4] Core Views - The company's gross margin is under pressure due to increased fixed costs from the Hefei production capacity and a deteriorating industry competitive landscape. However, the revenue share from AMOLED products continues to rise, and the company is actively expanding its non-display driver packaging business to create a second growth curve [2][7] Summary by Sections Financial Performance - The company reported a revenue of RMB 1.959 billion for 2024, representing a year-on-year growth of 20.3%. The gross margin was 31.3%, down by 4.4 percentage points year-on-year. The net profit attributable to the parent company was RMB 313 million, a decrease of 16% year-on-year [6][7] - For 2025, the estimated earnings per share (EPS) is adjusted to RMB 0.29, down by 25.6% from previous estimates. The projected PE ratios for 2025, 2026, and 2027 are 41.9, 37.4, and 33.2 respectively [4][6] Market Position and Strategy - The company is the leading provider of display driver chip packaging in China (excluding Hong Kong, Macau, and Taiwan) and ranks third globally. The revenue from display driver chip packaging is expected to reach RMB 1.758 billion in 2024, with AMOLED revenue accounting for over 20% of total revenue [7] - The company has innovated in the technology of copper-nickel-gold bumps, which allows for large-scale production and cost control. It is also expanding its non-display packaging capabilities, targeting power devices and Power ICs [7] Future Outlook - The company is expected to continue its revenue growth trajectory, with projected revenues of RMB 2.288 billion in 2025 and RMB 2.590 billion in 2026, reflecting growth rates of 16.8% and 13.2% respectively [6][8] - The gross margin is anticipated to decline further to 30.3% in 2025 and stabilize at 29.9% in 2026 and 2027 due to ongoing competitive pressures [8]