ACMSH(SH:688082) China Post Securities·2024-06-25 01:01Investment Rating - The investment rating for Shengmei Shanghai (688082) is "Buy" and is maintained [1] Core Views - The HBM (High Bandwidth Memory) market is expected to be a significant growth driver for the company, with its TSV (Through-Silicon Via) cleaning and copper plating equipment gaining traction among major clients [4][5] - The company's proprietary SAPS ultrasonic cleaning technology addresses global challenges in integrated circuit cleaning, ensuring effective cleaning of TSV holes [4] - The semiconductor plating market is projected to grow from 4 billion in 2023 to 6.1 billion in 2030, with the company receiving repeat orders for TSV plating equipment [5] Financial Projections - Revenue is expected to reach 57 billion, 78 billion, and 107 billion for the years 2024, 2025, and 2026 respectively, with net profits of 11 billion, 16 billion, and 25 billion [6] - The projected PE ratios for 2024, 2025, and 2026 are 34x, 23x, and 15x respectively [6] Company Overview - The latest closing price is 86.29 yuan, with a total market capitalization of 376 billion yuan [3] - The company has a debt-to-asset ratio of 33.8% and a current PE ratio of 41.29 [3]