QUICK CO.,(603203) 浙商证券·2024-07-09 10:02Investment 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].