Leadmicro(688147) 东吴证券·2024-07-16 23:00Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company's product line has achieved comprehensive coverage of various categories of semiconductor thin film deposition equipment, including ITomic series ALD systems, MW batch deposition systems, and ITronix CVD systems, which cater to applications in logic chips, memory chips, compound semiconductors, and new displays [1] - The company is expected to benefit from the expansion of advanced semiconductor processes in China, as it continues to enrich its product matrix and broaden application scenarios to mitigate the adverse effects of cyclical fluctuations in a single industry [1] - The company has released self-developed equipment including low-temperature PECVD, PEALD, and ALD systems, which are designed for specific needs in the semiconductor field, enhancing its market position [3] - The company holds a leading position in the domestic ALD equipment market with a process coverage rate of approximately 70% to 80%, and it focuses on high-temperature hard mask processes in the PECVD field, achieving a market share of 20% [4] Financial Summary - The company's projected net profits for 2024-2026 are 630 million, 830 million, and 920 million yuan respectively, with corresponding dynamic P/E ratios of 17, 13, and 12 times [2] - The company's total revenue is expected to grow significantly, with projected figures of 4,030 million yuan in 2024, 5,129 million yuan in 2025, and 5,727 million yuan in 2026, reflecting a year-on-year growth rate of 139.94% in 2024 [13] - The report indicates a substantial increase in net profit, with a forecasted growth rate of 132.26% in 2024 [13]