CFMEE(688630) 申万宏源证券·2025-03-26 12:12Investment Rating - The report maintains an "Outperform" rating for the company [4] Core Insights - The company has successfully expanded its advanced packaging capabilities, with full production schedules and a positive business outlook [4] - The company reported a 15.09% year-on-year increase in revenue for 2024, reaching 954 million, while net profit decreased by 8.04% to 165 million [4] - The company is experiencing high demand for its products driven by the global AI computing needs, leading to an overloaded production capacity [4][6] - The company has faced some profit pressure due to increased costs related to overseas market expansion and delays in equipment delivery [6] - The profit forecast for 2024-2026 has been adjusted downwards, with expected net profits of 165 million, 285 million, and 411 million respectively [6] Financial Data and Profit Forecast - Total revenue is projected to grow from 829 million in 2023 to 1,891 million by 2026, with a compound annual growth rate of 35.6% [5][8] - The net profit is expected to increase significantly from 165 million in 2024 to 411 million in 2026, reflecting a growth rate of 44.5% [5][8] - The company's gross margin is projected to stabilize around 43% in the coming years [5]