Investment Rating - The investment rating for the company is "Buy" [9] Core Views - The company benefits from the expansion of PCB equipment and the acceleration of semiconductor equipment layout, maintaining a "Buy" rating. Despite a downward revision of the company's annual profit forecast due to limited capacity in the first phase of the factory, the company is expected to benefit from downstream PCB manufacturers' expansion and the upcoming production of the second-phase factory, leading to a positive mid-term performance release. Long-term, the company's semiconductor business is gradually constructing multiple growth drivers, with projected revenues of 1.5 billion, 2.2 billion, and 2.7 billion yuan for 2025, 2026, and 2027 respectively, and net profits of 300 million, 516 million, and 709 million yuan for the same years [5][6][9]. Company Overview - The company is a leading manufacturer of direct imaging lithography equipment, primarily serving the PCB and semiconductor sectors. Its products include direct imaging equipment for PCB and semiconductor applications, covering various processes from microns to nanometers. The company has a complete range of LDI equipment for PCB manufacturing, including IC substrates, HDI, and flexible printed circuits [6][15]. PCB Business - The PCB business is driven by high-end demand from AI infrastructure, with optimistic capital expenditure guidance from PCB manufacturers. The company has maintained a full order book since Q2 2024, but growth has been limited by capacity constraints. The gradual production of the second-phase factory is expected to release capacity and positively impact order growth [6][15]. Semiconductor Business - The semiconductor business is accelerating its industrialization process, with multiple layouts constructing a new growth curve. The company is focusing on advanced packaging technologies and has successfully completed product validation for several advanced packaging customers. The company is also making steady progress in the general semiconductor field, benefiting from the long-term trend of domestic substitution [7][36]. Financial Summary and Valuation Metrics - The company's revenue has shown steady growth, with a projected revenue of 1.467 billion yuan in 2025, representing a year-on-year increase of 53.8%. The net profit is expected to reach 300 million yuan, with a year-on-year growth of 86.7%. The gross margin is projected to be 39.9% in 2025, with a net margin of 20.4% [8][34]. Market Position - The company has established a strong market position with a complete range of products covering various PCB types and processes. It has successfully penetrated the high-end PCB market and is positioned to benefit from the ongoing expansion in the semiconductor sector [6][15].

Core Viewpoint - Chipbond Microelectronics (芯碁微装) plans to accelerate its internationalization strategy and overseas business layout by issuing H-shares and listing on the Hong Kong Stock Exchange, aiming to enhance its brand image, capital strength, and overall competitiveness [1][2][3]. Company Overview - Chipbond Microelectronics specializes in the research, development, manufacturing, and sales of direct imaging equipment and related maintenance services, focusing on micro-nano direct writing lithography technology [3]. - The company was listed on the STAR Market in April 2021, raising approximately 4.16 billion yuan after expenses for projects related to wafer-level packaging direct writing lithography equipment [3]. Financial Performance - In 2024, Chipbond Microelectronics achieved a revenue of 9.54 billion yuan, a year-on-year increase of 15.09%, but net profit decreased by 10.38% to 1.61 billion yuan due to high expenses related to overseas market strategies and talent development [5]. - The company reported a significant increase in overseas revenue, reaching 188 million yuan in 2024, a growth of 212.32% year-on-year, with Southeast Asia contributing nearly 20% to total revenue [1][4]. Market Position and Strategy - The global PCB industry is experiencing steady growth driven by artificial intelligence, high-speed networks, and electric vehicles, providing opportunities for Chipbond Microelectronics to strengthen its market position [6]. - The company has established strategic partnerships with international clients and is focusing on high-end market validation and delivery of its equipment [4][6]. Recent Developments - In the first quarter of 2025, Chipbond Microelectronics reported a revenue of 242 million yuan, a year-on-year increase of 22.31%, with net profit rising by 30.45% to 51.87 million yuan [5]. - The company signed contracts worth 146 million yuan for LDI exposure equipment, which is expected to positively impact future operating performance [6].