Investment Rating - The investment rating for the company is "Buy" with a target price set for the next six months [6][16]. Core Viewpoints - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 2,010.29 million yuan, a year-on-year growth of 23.37%, and net profit attributable to shareholders amounting to 30.32 million yuan, a year-on-year increase of 150.45% [1][2]. - The recovery of the industry and the acquisition of new clients have driven high revenue growth in H1 2025, with the global semiconductor sales reaching 179.7 billion USD, a year-on-year increase of nearly 20% [2]. - The company is enhancing its one-stop delivery capability in advanced packaging and automotive electronics, with significant revenue contributions from wafer-level packaging products, which generated 85.28 million yuan, a year-on-year growth of 150.80% [3][4]. Financial Data and Projections - The company plans to increase its revenue from 2,390.84 million yuan in 2023 to 6,788.34 million yuan by 2027, with a compound annual growth rate (CAGR) of approximately 24.78% [10][11]. - The projected net profit for the company is expected to rise from a loss of 93.39 million yuan in 2023 to a profit of 423.53 million yuan by 2027 [10][11]. - R&D investment has been robust, reaching 142.18 million yuan in H1 2025, accounting for 7.07% of revenue, with a year-on-year increase of 51.28% [4][5]. Market Position and Strategy - The company is focusing on smart manufacturing and domestic substitution to reduce costs and improve efficiency, while also implementing an equity incentive plan to align the interests of the core team with the company's performance [5]. - The company has successfully expanded its customer base, with 13 clients generating over 50 million yuan in sales, including four clients exceeding 100 million yuan [2][3].

Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of 2025, driven by industry recovery and customer expansion [1] Group 1: Financial Performance - The company achieved operating revenue of 2,010.29 million yuan, a year-on-year increase of 23.37% [1] - The net profit attributable to shareholders reached 30.32 million yuan, reflecting a year-on-year growth of 150.45% [1] - The non-recurring net profit attributable to shareholders was -4.3 million yuan [1] Group 2: Industry and Market Trends - The semiconductor industry is experiencing a recovery, with global semiconductor sales reaching 179.7 billion USD in Q2 2025, a year-on-year increase of nearly 20% and a quarter-on-quarter increase of 7.8% [1] - The company has expanded its customer base, with 13 clients achieving sales over 50 million yuan, including 4 clients exceeding 100 million yuan [1] - Significant growth in orders from major clients in Taiwan and successful expansion into European and American markets [1] Group 3: Product Development and Innovation - The company is enhancing its one-stop delivery capability in advanced packaging, including Bumping, CP, FC, and FT, contributing to new revenue growth [2] - Revenue from wafer-level testing products reached 85.28 million yuan, a year-on-year increase of 150.80% [2] - The company is actively investing in R&D, with R&D expenditure reaching 142.18 million yuan, accounting for 7.07% of operating revenue, a year-on-year increase of 51.28% [3] Group 4: Operational Efficiency and Strategic Initiatives - The company is promoting smart manufacturing and digital transformation to enhance production efficiency and reduce operational costs [4] - The company has implemented a stock incentive plan, granting 1.21353 million shares to 244 eligible participants, representing 0.30% of the total share capital [4]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 49.24 CNY per share [5][10]. Core Insights - The company reported a revenue of 2.01 billion CNY for H1 2025, representing a year-on-year increase of 23.37%, and a net profit of 30 million CNY, up 150.45% year-on-year [1]. - In Q2 2025, the company achieved a revenue of 1.07 billion CNY, a year-on-year increase of 17.93%, but the net profit decreased by 87.98% to 6 million CNY [1]. - The growth was driven by the expansion of overseas major clients and the rapid growth of existing core clients, with 13 clients generating sales exceeding 50 million CNY, including 4 clients exceeding 100 million CNY [2]. - The company's gross margin for H1 2025 was 15.61%, with Q2 2025 gross margin at 16.87%, an increase of 2.68 percentage points quarter-on-quarter [2]. - R&D investment reached 142 million CNY, accounting for 7.07% of revenue, reflecting a year-on-year increase of 51.28% [3]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are 4.58 billion CNY, 5.75 billion CNY, and 6.84 billion CNY respectively, with net profits of 190 million CNY, 359 million CNY, and 486 million CNY [4][12]. - The company is expected to maintain a positive growth trajectory with a projected net profit margin increasing from 4.1% in 2025 to 7.1% in 2027 [12]. Market Performance - The company's stock price on August 25, 2025, was 40.79 CNY, with a market capitalization of approximately 16.71 billion CNY [5]. - The stock has shown significant relative and absolute returns over the past 12 months, with relative returns of 108% and absolute returns of 142.4% [7]. Valuation Methodology - The company is valued using a price-to-sales (PS) ratio of 4.4 times for 2025, leading to the target price of 49.24 CNY per share [10]. - The valuation reflects the company's advantages in the mid-to-high-end advanced packaging and testing business sectors [10].