Investment Rating - The report assigns an "Accumulate" rating for the company [1][3]. Core Views - The company is a leading domestic provider of electronic soldering equipment, having evolved from a single product line supplier to a comprehensive solution provider focusing on semiconductor, new energy, and consumer electronics sectors [2][9]. - The AI technology is accelerating the recovery of the 3C industry, with the company's core business expected to improve as AI smartphones are gradually launched [2][3]. - The trend of SiC adoption is clear, with the company poised to benefit from the growth in the SiC power semiconductor market, projected to reach approximately 8.01 billion USD (about 560 billion RMB) by 2028 [2][3]. - The company has established a diverse customer base, including major players like Apple and CATL, and is expanding its international presence with subsidiaries and service centers in various countries [2][3]. Summary by Sections Company Overview - The company has over 20 years of experience in the electronic soldering equipment industry and has developed a strong foothold in the market [9][10]. - The ownership structure is concentrated, with the controlling shareholders having a solid management and technical background, which supports long-term operations [10]. Business Development - The company is diversifying its business to mitigate the impact of the consumer electronics sector, with a clear strategic plan despite short-term performance pressures [10][11]. - Revenue growth from 2019 to 2023 shows a compound annual growth rate (CAGR) of 14.52%, while net profit has a CAGR of 2.36% [10][11]. Financial Projections - Revenue projections for 2024-2026 are estimated at 1.047 billion, 1.312 billion, and 1.535 billion RMB, with corresponding net profits of 267 million, 341 million, and 420 million RMB [3][12]. - The company’s PE ratios for the same period are projected to be 18.13, 14.19, and 11.52 times [3][12]. Market Trends - The global AI smartphone penetration is expected to reach 43% by 2027, with significant growth in the demand for high-precision soldering equipment due to increased hardware requirements [2][3]. - The company is well-positioned to benefit from the growing market for automatic dispensing machines, projected to reach 1.168 billion USD by 2030 [23]. Competitive Landscape - The electronic assembly equipment industry in China has a pyramid-shaped competitive structure, with high-end markets dominated by foreign companies, while domestic players are making significant inroads [19][20]. - The company has established itself as a key player in the high-end market, leveraging its core soldering technology to compete effectively [19][20].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in H1 2024 met expectations, driven by growth in AOI full inspection and die bonding equipment [1] - The company reported a revenue of 451 million yuan for H1 2024, an increase of 11.89% year-on-year, and a net profit attributable to shareholders of 119 million yuan, up 9.42% year-on-year [1] - The gross margin was 49.39%, a decrease of 1.69 percentage points year-on-year, while the net profit margin was 26.36%, down 0.59 percentage points year-on-year [1] Financial Performance Summary - For Q2 2024, the company achieved a revenue of 226 million yuan, a year-on-year increase of 20.93%, and a net profit of 59 million yuan, up 10.23% year-on-year [1] - The company’s revenue for H1 2024 from precision electronic assembly was 338 million yuan, reflecting a year-on-year growth of 22.59% [1] - The company has successfully developed AOI multi-dimensional inspection equipment and completed the development of 3DSPI detection equipment, enhancing its product offerings in machine vision [1] Revenue and Profit Forecast - The company is projected to achieve revenues of 1,038 million yuan in 2024, 1,263 million yuan in 2025, and 1,471 million yuan in 2026, with year-on-year growth rates of 31.0%, 21.7%, and 16.5% respectively [2] - The net profit attributable to shareholders is expected to be 283 million yuan in 2024, 340 million yuan in 2025, and 405 million yuan in 2026, with corresponding growth rates of 48.4%, 20.1%, and 18.9% [2] - The gross margin is forecasted to improve to 50.7% in 2024 and stabilize around 50.8% by 2026 [2] Valuation Metrics - The projected P/E ratios for 2024, 2025, and 2026 are 18, 15, and 12 respectively, indicating a favorable valuation outlook as the company continues to grow [2] - The projected EPS for 2024, 2025, and 2026 are 1.1 yuan, 1.4 yuan, and 1.6 yuan respectively [2]

Investment Rating - The report maintains a "Buy" rating for the company [1][2] Core Views - The company is expected to benefit from the recovery in the consumer electronics industry, with steady growth in performance. In the first half of 2024, the company achieved revenue of RMB 451 million, a year-on-year increase of 11.89%, and a net profit attributable to the parent company of RMB 119 million, up 9.42% year-on-year [2][4] - The company is actively expanding into the new energy vehicle and semiconductor sectors, further opening up growth opportunities. The report emphasizes the company's strong performance in precision welding equipment, which generated revenue of RMB 338 million in the first half of 2024, reflecting a year-on-year increase of 22.59% [2][3] - The semiconductor packaging equipment segment is expected to achieve high growth in the future, supported by the company's successful entry into this field through various strategies, including independent research and development and partnerships [2][3] Summary by Sections Financial Performance - In the first half of 2024, the company reported a revenue of RMB 451 million, with a gross margin of 49.39% and a net margin of 26.13% [4][5] - The second quarter of 2024 saw revenue of RMB 226 million, a 20.93% increase year-on-year, with a net profit of RMB 59 million, up 10.23% year-on-year [5][6] Revenue and Profit Forecast - The company is projected to achieve revenues of RMB 1.036 billion, RMB 1.290 billion, and RMB 1.497 billion for the years 2024, 2025, and 2026, respectively. The net profit attributable to the parent company is expected to be RMB 264 million, RMB 336 million, and RMB 405 million for the same years [3][6] - The report indicates an expected EPS of RMB 1.06, RMB 1.35, and RMB 1.62 for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 19.0, 15.0, and 12.4 [3][6] Market Position and Strategy - The company is positioned as a leading manufacturer of electronic assembly equipment in China, benefiting from the recovery of the consumer electronics sector and actively pursuing opportunities in the new energy vehicle and semiconductor markets [2][3] - The report highlights the company's successful development of AOI multi-dimensional inspection equipment, marking a significant technological advancement and establishing it as a key supplier for major clients [2][3]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating an expected return of over 20% within the next six months [4][11]. Core Insights - The company's performance in H1 2024 met expectations, with revenue of 451 million yuan, a year-on-year increase of 11.89%, and a net profit attributable to shareholders of 119 million yuan, up 9.42% year-on-year [1][2]. - The recovery in the consumer electronics sector is driving significant growth in precision welding equipment, with major clients achieving record shipments [2]. - The company has successfully developed multi-dimensional inspection equipment leveraging AI technology, marking a significant technological advancement [2]. - The trend towards SiC applications is clear, with the company actively expanding its advanced packaging capabilities [2]. Financial Performance Summary - For H1 2024, the company reported a gross margin of 49.39%, a slight decrease of 1.69 percentage points year-on-year, and a net profit margin of 26.36%, down 0.59 percentage points year-on-year [1]. - In Q2 2024, the company achieved revenue of 226 million yuan, a year-on-year increase of 20.93%, and a net profit of 59 million yuan, up 10.23% year-on-year [1]. - The company’s precision welding equipment revenue reached 338 million yuan in H1 2024, reflecting a year-on-year growth of 22.59% [2]. Earnings Forecast - The company’s profit forecasts for 2024 to 2026 are 289 million yuan, 397 million yuan, and 494 million yuan respectively, with a projected P/E ratio of 17.4, 12.7, and 10.2 [2][3].

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 ——快克智能 2024 年半年报点评 | --- | --- | --- | |----------|-------------------------------------|-------------------------| | | | | | | [table_Authors] 徐乔威 ( 分析师 ) | 李启文 ( 分析师 ) | | | 021-38676779 | 021-38038435 | | | xuqiaowei023970@gtjas.com | liqiwen027858@gtjas.com | | 登记编号 | S0880521020003 | S0880524060001 | 本报告导读： 业绩符合预期；主业精密焊接拓宽市场，汽车智能制造业务切入博世供应链；AOI 检测实现焊点以外领域拓展，积极布局半导体封装市场。 投资要点： [Table_Summary] 维持增持评级：考虑到 24 年 3C 恢复略不及预期，下调 24-25 年 EPS 为 1.10/1.40 元（前值 1.13/1.49 元），新增 2026 ...

证券代码：603203 证券简称：快克智能 公告编号：2024-028 快克智能装备股份有限公司 关于召开 2024 年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 会议召开时间：2024 年 9 月 10 日（星期二）下午 13:00-14:00 会议召开地点： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网址： http://roadshow.sseinfo.com） 会议召开方式：上证路演中心网络文字互动 投资者可于 9 月 3 日(星期二)至 9 月 9 日(星期一)16:00 前登录上证路 演中心网站首页点击"提问预征集"栏目或 通 过 公司邮箱 （quickir@quick-global.com）进行提问。公司将在说明会上对投资者普遍关注 的问题进行回答。 快克智能装备股份有限公司（以下简称"公司"）已于 2024 年 8 月 30 日发 布公司 2024 年半年度报告，为便于广大投资者更全面深入了解公司 2024 年半年 度经营成果、财务状况，公司计划于 ...

2024 年半年度报告 公司代码：603203 公司简称：快克智能 快克智能装备股份有限公司 2024 年半年度报告 1 / 158 2024 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人戚国强、主管会计工作负责人殷文贤及会计机构负责人（会计主管人员）殷文贤 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告内容涉及的未来计划、规划等前瞻性陈述，因存在不确定性，不构成公司对投资者的 实质承诺，请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本报告中详细描述存在的行 ...

证券代码：603203 证券简称：快克智能 公告编号：2024-027 快克智能装备股份有限公司 关于完成注册资本工商变更登记的公告 特此公告。 快克智能装备股份有限公司董事会 2024 年 8 月 10 日 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 快克智能装备股份有限公司（以下简称"公司"）于 2024 年 4 月 29 日召 开第四届董事会第十二次会议以及 2024 年 6 月 3 日召开 2023 年年度股东大会， 审议通过了《快克智能关于拟变更公司注册资本、修订公司章程及制定、修订其 他部分制度的议案》，同意公司注册资本变更为人民币 249,153,318 元，并对《公 司章程》进行修订。具体内容详见公司 2024 年 4 月 30 日于上海证券交易所网站 （www.sse.com.cn）及指定媒体披露的《快克智能关于拟变更公司注册资本、修 订公司章程及制定、修订其他部分制度的公告》（公告编号：2024-015）。 近日，公司已完成本次股本变动涉及的注册资本工商变更登记，并对《公 司章程》进行了工商备案， ...

上海兰迪律师事务所 关于快克智能装备股份有限公司 2021 年限制性股票与股票期权激励计划 回购注销部分限制性股票的 法 律 意 见 书 中国上海市虹口区东大名路 1089 号北外滩来福士广场东塔 16 楼 邮编: 200082 16th Floor, East Tower, Raffles City, No.1089, Dongdaming Road, Shanghai ,China(P.C 20082) Tel: 86-21-6652-9952 fax: 86-21-6652-2252 www.landinglawyer.com 上海兰迪律师事务所 关于快克智能装备股份有限公司 2021 年限制性股票与股票期权激励计划 回购注销部分限制性股票的 法律意见书 致:快克智能装备股份有限公司 上海兰迪律师事务所接受快克智能装备股份有限公司(以下简称"快克智能" 或"公司",证券代码为603203）的委托,为公司实施2021年限制性股票与股票 期权激励计划所涉及的相关事宜出具法律意见书。 本所律师根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公 司股权激励管理办法》等有关法律、法规、规范性文件和《快克 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][6][94]. Core Insights - The company, established in 1993, specializes in precision welding equipment and has a strong technical advantage in this field. It has recently expanded into the semiconductor packaging market, achieving significant revenue growth in this area [2][27]. - The company is well-positioned to benefit from the recovery in the consumer electronics market and its ongoing expansion in the semiconductor packaging sector, which is expected to provide substantial growth opportunities [2][27]. Summary by Sections Company Overview - The company operates in four main business segments: precision welding assembly equipment, intelligent manufacturing systems, machine vision process equipment, and die bonding packaging equipment. The precision welding segment accounted for 66.6% of revenue in 2023 [4][38]. - The company has established deep ties with leading global consumer electronics firms, maintaining a gross margin above 50% in its main business [2][49]. Revenue and Profit Forecast - Revenue projections for 2024-2026 are estimated at 1.08 billion, 1.29 billion, and 1.47 billion yuan, with growth rates of 36.2%, 19.8%, and 13.3% respectively. Net profit for the same period is forecasted at 260 million, 340 million, and 420 million yuan, with growth rates of 37.2%, 30.4%, and 21.6% respectively [4][28]. Market Trends - The global smartphone market is expected to see a recovery, with an estimated 1.21 billion units shipped in 2024, representing a 4% year-on-year growth. This recovery is anticipated to drive demand for precision welding equipment [27][68]. - The semiconductor packaging market is projected to grow significantly, with the domestic market for die bonding machines expected to reach 5.1 billion yuan in 2024 and 8.1 billion yuan by 2029, reflecting a compound annual growth rate (CAGR) of approximately 13% [102]. Competitive Position - The company is recognized as a pioneer in domestic substitution within the semiconductor packaging sector, leveraging its core welding technology to enhance its market share and brand influence [89][94]. - The company has developed a unique process expert system and core modules for its AOI (Automated Optical Inspection) equipment, which is expected to expand from point inspection to multi-dimensional full inspection, driving rapid growth in this segment [67][76].