QUICK CO.,(SH:603203) Guotai Junan Securities·2024-08-31 04:16Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Views - The company's performance meets expectations, with a focus on expanding its precision welding business and entering the Bosch supply chain for automotive intelligent manufacturing. The AOI detection technology is expanding into semiconductor packaging markets [2][3]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved revenue of 451 million yuan, an increase of 11.89%, and a net profit attributable to shareholders of 119 million yuan, up 9.42%. The second quarter of 2024 saw revenue of 226 million yuan, a growth of 20.93%, and a net profit of 59 million yuan, increasing by 10.23% [3]. - The gross margin and net margin for the first half of 2024 were 49.39% and 26.13%, respectively, showing a year-on-year decrease of 1.69 percentage points and 0.76 percentage points [3]. - R&D expense ratio stood at 13.43%, maintaining a high level [3]. Business Development - The precision welding segment generated revenue of 338 million yuan, a growth of 22.59%, with full orders from major clients and several OEMs. The company has become a qualified supplier for Bosch's automotive electronics automatic equipment, which is expected to significantly boost its automotive intelligent manufacturing business [3]. - The AOI detection technology has successfully expanded beyond solder joint detection to complex scenarios in PCB, FPC, and chip detection, becoming a primary supplier for major clients. The company has also developed 3D SPI detection equipment, further enhancing its AOI capabilities [3]. - In the semiconductor packaging sector, the company has shipped various equipment, including silver sintering devices and chip packaging AOI, with a clear trend towards SiC adoption expected to drive demand for core equipment [3]. Valuation - The target price has been adjusted to 27.50 yuan, down from 28.01 yuan, based on a cautious PE ratio of 25 times for 2024, compared to a comparable company average PE of 28 times [3][4].