According to the Dongwu Securities Research Report, Torch Electronics' high revenue growth and profit are under phased pressure, and the collaboration of the three major sectors resonates with the upward trend in MLCC. In the first half of 2026, the company achieved net profit of 243 million yuan, a year-on-year decrease of 7.18%, and achieved net profit of 203 million yuan in the second quarter, an increase of 31.21% over the previous year. In the long run, against the backdrop of changes in the global geopolitical landscape and accelerated innovation in special technology, the special components industry is evolving in the direction of informatization, intelligence, and localization alternatives, and the company's high-reliability components business is expected to continue to expand its growth space. The three major sectors of the company's components, new materials and supply chain are developing collaboratively. Supply chain business volume drives revenue growth. The recovery in MLCC boom and high-end products are expected to support medium- to long-term profit improvement. The company's 2026-2027 net profit forecast was raised from 59/780 million yuan to 62/83 million yuan, and the net profit forecast for 2028 was added to 1.03 billion yuan. The corresponding PE was approximately 35/26/21 times, respectively, maintaining the “buy” rating.

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