Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The report highlights that the domestic semiconductor equipment replacement is accelerating, leading to improved order visibility and driving valuation recovery [5] - The company reported a significant improvement in adjusted net profit and revenue growth due to operational leverage [7] - The company aims to maintain a market share of 35%-40% in the TCB segment, reinforcing its leading position in the industry [7] Financial Performance Summary - Revenue for 2026 is projected to be HKD 16,576 million, with a growth rate of 20.67% compared to 2025 [6] - The net profit for 2026 is expected to reach HKD 1,621 million, reflecting a growth rate of 79.66% [6] - The earnings per share (EPS) for 2026 is forecasted at HKD 3.88, with a price-to-earnings (PE) ratio of 28.64 [6] - The return on equity (ROE) is projected to be 8.69% for 2026 [6] Revenue and Profit Forecast - The company anticipates revenues of HKD 18,940 million and HKD 20,780 million for 2027 and 2028, respectively [7] - The net profit is expected to grow to HKD 1,792 million in 2027 and HKD 2,303 million in 2028 [7] - The report indicates a consistent increase in revenue and profit margins over the forecast period [7] Market Position and Strategy - The company has a strong order backlog, with Q1 2026 revenue guidance indicating a year-over-year growth of 29.5% [7] - The company is focusing on advanced packaging technologies and has made significant progress in the HBM sector [7] - The report mentions the potential sale of non-core businesses to concentrate on advanced packaging [7]