FHEC(688362) 国投证券·2025-04-23 10:15Investment Rating - The investment rating for the company is "Buy-A" with a target price of 35.38 CNY per share, maintaining the rating [5][11]. Core Insights - The company achieved a turnaround in profitability, with a significant increase in revenue and net profit for the fiscal year 2024, reporting a revenue of 3.609 billion CNY, up 50.96% year-on-year, and a net profit of 66 million CNY, up 171.02% year-on-year [1][2]. - In Q1 2025, the company continued to show growth with a revenue of 945 million CNY, up 30.12% year-on-year, and a net profit of 25 million CNY, up 169.4% year-on-year [1][2]. - The company is expanding its one-stop service capabilities, particularly in wafer-level packaging and automotive electronics, which has led to a rapid increase in customer base and production scale [3]. Financial Performance - The overall gross margin for 2024 was 17.33%, an increase of 3.42 percentage points year-on-year, while the net profit margin improved to 1.09%, up 6.75 percentage points year-on-year [2]. - For Q1 2025, the gross margin was 14.19%, slightly down by 0.04 percentage points year-on-year, with a net profit margin of 0.96%, up 7.65 percentage points year-on-year [2]. Growth Strategy - The company is actively investing in advanced packaging technologies, including fan-out and 2.5D/3D packaging, and has achieved product validation with several clients [4]. - The company has established a product matrix covering automotive electronics, RF communication, and AIoT, which is expected to support sustained revenue growth [3]. Revenue Projections - Revenue projections for 2025 to 2027 are 4.511 billion CNY, 5.504 billion CNY, and 6.605 billion CNY, respectively, with net profits expected to reach 206 million CNY, 356 million CNY, and 497 million CNY [11][12].