Guohai Securities: First provides Wan Ye Enterprise with a "buy" rating, with the net profit attributable to the mother turning from loss to profit in the first half of the year.

Guokai Securities research report pointed out that Wanye Enterprises is expected to achieve a net profit attributable to shareholders of 30-40 million yuan in the first half of 2025, with an expected turnaround from a loss to a profit year-on-year. The business of bismuth materials will increase profits, and the sale of Zhejiang Prum Core equity will realize investment income. The company's ion implantation equipment is leading domestically, and the platform layout of the semiconductor industry is accelerating. In November 2024, Leading Technology Group became the new actual controlling shareholder of the company. Leading Technology Group is a global leader in rare metals, with a complete industry chain covering high-end materials, devices, modules, systems, and equipment in the semiconductor field, and has built a complete ecological cycle from fundamental materials to end applications. After the synergy between the two sides, the company's platform layout in the semiconductor industry chain is expected to deepen gradually. According to the Wanye Enterprises public account, in the semiconductor equipment business, Kaesitong has delivered 8 integrated circuit ion implantation equipment to customers in the first half of 2025. In the first quarter, 3 devices were accepted, marking the accelerated application of Kaesitong's domestically produced ion implantation machine in advanced processes and diversified application scenarios. In terms of bismuth materials business, the construction of the bismuth materials deep processing base established by Anhui Wanda in Jingzhou, Hubei is progressing smoothly in the first half of 2025, and is expected to expand the overall capacity of the bismuth materials business after trial operation and production. The company is a leader in domestic ion implantation equipment and is expected to accelerate its platform layout under the empowerment of Leading Technology Group. First coverage, with a "buy" rating.