Changjiang Securities: Maintain a "buy" rating for Changdian Technology, and will continue to increase investment in advanced packaging and testing research and development.

The research report of Changjiang Securities pointed out that in the first quarter of 2025, Changdian Technology achieved a net profit attributable to the parent company of 2.03 billion yuan, an increase of +50.39% year-on-year. In 2024, the company maintained research and development investment, with overall research and development expenditure reaching 17.18 billion yuan, an increase of +19.33% year-on-year. In 2025, the company will continue to increase investment in advanced packaging and testing research and development, striving to achieve breakthroughs in the fields of high-end 3D packaging, large-size devices, optoelectronic packaging applications, RF performance improvement and miniaturization, vertical power supply, and heat dissipation technology. In recent years, the company has been continuously focusing on high-performance packaging technology and high-value-added applications, accelerating strategic layout in high-value-added markets such as automotive electronics, high-performance computing, storage, and 5G communication. Its core competitiveness continues to improve, while achieving substantial growth driven by downstream demand. It is expected that the company's net profit attributable to the parent company for the years 2025 to 2027 will reach 1.992 billion yuan, 2.472 billion yuan, and 2.889 billion yuan, with corresponding PE ratios of 31X, 25X, and 21X, maintaining a "buy" rating.