USISH(601231) 华安证券·2025-04-29 10:50Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has demonstrated stable operational performance, leveraging its global diversified layout advantages. In Q1 2025, the company reported revenue of 13.65 billion yuan, a year-on-year increase of 1.2%, but a quarter-on-quarter decrease of 18.2%. The net profit attributable to the parent company was 340 million yuan, a year-on-year increase of 0.1%, but a quarter-on-quarter decrease of 5.8% [5][6] - The company expects a 10% year-on-year decrease in revenue for Q2 2025, with a corresponding decline in operating profit margin by approximately 1 percentage point [6] - The company is a leader in SiP miniaturization technology and is expected to benefit from the growing demand for lightweight and compact consumer electronics, driven by advancements in AI and the metaverse [7] Financial Summary - The company’s projected net profits for 2025, 2026, and 2027 are 1.92 billion yuan, 2.40 billion yuan, and 3.00 billion yuan, respectively. The corresponding earnings per share (EPS) are expected to be 0.87 yuan, 1.09 yuan, and 1.36 yuan, with price-to-earnings (P/E) ratios of 15.3, 12.3, and 9.8 times [8] - Key financial indicators for 2025E include revenue of 64.58 billion yuan, a year-on-year growth of 6.4%, and a net profit margin of 3.0% [11]