QUICK CO.,(603203) 天风证券·2024-09-01 10:05Investment 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].