A number of listed companies in the electronics industry have recently released their 2025 annual earnings forecasts. Driven by multiple factors including artificial intelligence (AI), the sector is entering a phase of structural recovery. Companies such as Biwin Storage, Zhongke Bluecomm, TCL Technology, Jinhaitong, and Guoli Electronics have delivered impressive preliminary results, with projected year-on-year net profit attributable to parent company shareholders soaring by over 100%.
The storage sector, a key barometer for the semiconductor cycle, is leading the earnings recovery. On January 14, Biwin Storage's preliminary report indicated the company expects 2025 revenue to reach between 10 billion and 12 billion yuan, a year-on-year increase of 49.36% to 79.23%. Net profit attributable to parent company shareholders is forecast to be between 850 million and 1 billion yuan, surging by 427.19% to 520.22% compared to the previous year.
Regarding the primary reasons for this performance shift, Biwin Storage explained that, affected by the global macroeconomic environment, memory prices began a sequential decline from the third quarter of 2024, hitting a temporary low in Q1 2025, which significantly pressured its product selling prices. Starting from the second quarter of 2025, as memory prices stabilized and rebounded and key projects were gradually delivered, the company's sales revenue and gross margin recovered, leading to a steady improvement in operating performance. Throughout 2025, the company maintained rapid growth momentum in emerging AI edge-side applications and continued to strengthen its advanced packaging capabilities. Its wafer-level advanced packaging and testing manufacturing project progressed smoothly overall, with sample production and verification currently advancing according to client demands, offering customers a one-stop integrated solution of "storage + wafer-level advanced packaging and testing."
Jinhaitong's recently disclosed 2025 annual earnings pre-increase announcement shows the company anticipates net profit attributable to parent company shareholders will be between 160 million and 210 million yuan, an increase of 103.87% to 167.58% year-on-year. After adjusting for non-recurring gains and losses, the net profit is expected to be between 155 million and 205 million yuan, rising by 128.83% to 202.64%.
"Throughout 2025, demand in our sector of semiconductor packaging and testing equipment continued to grow. Concurrently, the company persistently pursued technological R&D and product iteration. Demand for products like our three-temperature test handlers and large-platform, ultra-multi-site test handlers (targeting large-scale, complex testing requiring higher efficiency) saw sustained growth, leading to a significant increase in sales volume of our test handler products. Consequently, the company achieved robust annual earnings growth for 2025," Jinhaitong stated.
Some newly listed companies have also disclosed their 2025 performance forecasts in their prospectuses, signaling positive trends such as reduced losses. Moore Threads indicated that against the backdrop of vigorous AI development and an accelerated domestic substitution process, its performance showed an upward trend in 2025, with revenue increasing rapidly and the scale of its net loss narrowing. The company expects full-year 2025 revenue to be between 1.218 billion and 1.498 billion yuan, representing growth of 177.79% to 241.65% compared to 2024. The net loss attributable to parent company shareholders is projected to be between -1.168 billion and -730 million yuan, an improvement (reduced loss) of 27.82% to 54.89%.
Based on achieved performance and considering factors such as persistently strong downstream market demand in the AI computing industry, a substantial increase in shipments of its core products, ample orders on hand, and cost budgeting, MetaX expects its full-year 2025 revenue to reach between 1.5 billion and 1.98 billion yuan, an increase of 101.86% to 166.46% over 2024. The net loss attributable to parent company shareholders is forecast to be between -763 million and -527 million yuan, representing a reduction in losses of 45.84% to 62.59% compared to 2024.
Regarding the key investment themes for the electronics sector in 2026, a CITIC Securities research report stated that looking ahead, "domestic controllability and AI computing power" are expected to be the dominant, powerful themes throughout the year. Within this, domestic controllability focuses on the expansion trends of domestic computing power and semiconductor equipment, while the AI computing power theme highlights the high certainty of strong demand for AI PCBs and AI storage. Simultaneously, "consumer electronics" as a secondary theme may present significant turning-point opportunities, with a potential recovery in sentiment anticipated around the second quarter of 2026.
Guosen Securities noted that driven by incremental AI demand, the range of electronic components experiencing price increases is expanding. The storage and high-end PCB supply chains still show clear signs of supply shortages. Recently, segments like wafer foundry, advanced packaging and testing, analog chips, passive components, and LCDs have also shown expectations for price increases to varying degrees. At the terminal level, price hikes have gradually been passed on to consumers, leading to a moderate recovery in the industry's profitability. The institution believes the current period is an earnings vacuum, but some stocks benefiting from high growth in overseas AI computing power are nearing a potential catalyst from January earnings previews. Furthermore, with the 2026 International Consumer Electronics Show already opened, innovation expectations for AI phones, AI glasses, foldable screens, and other edge devices are likely to reinforce a potential spring rally, maintaining an optimistic outlook for 2026 as a "year of harvest" for the electronics industry.
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