QUICK CO.,(603203) 中银证券·2024-09-02 12:30Investment Rating - The report maintains a "Buy" rating for the company [1][2] Core Views - The company is expected to benefit from the recovery in the consumer electronics industry, with steady growth in performance. In the first half of 2024, the company achieved revenue of RMB 451 million, a year-on-year increase of 11.89%, and a net profit attributable to the parent company of RMB 119 million, up 9.42% year-on-year [2][4] - The company is actively expanding into the new energy vehicle and semiconductor sectors, further opening up growth opportunities. The report emphasizes the company's strong performance in precision welding equipment, which generated revenue of RMB 338 million in the first half of 2024, reflecting a year-on-year increase of 22.59% [2][3] - The semiconductor packaging equipment segment is expected to achieve high growth in the future, supported by the company's successful entry into this field through various strategies, including independent research and development and partnerships [2][3] Summary by Sections Financial Performance - In the first half of 2024, the company reported a revenue of RMB 451 million, with a gross margin of 49.39% and a net margin of 26.13% [4][5] - The second quarter of 2024 saw revenue of RMB 226 million, a 20.93% increase year-on-year, with a net profit of RMB 59 million, up 10.23% year-on-year [5][6] Revenue and Profit Forecast - The company is projected to achieve revenues of RMB 1.036 billion, RMB 1.290 billion, and RMB 1.497 billion for the years 2024, 2025, and 2026, respectively. The net profit attributable to the parent company is expected to be RMB 264 million, RMB 336 million, and RMB 405 million for the same years [3][6] - The report indicates an expected EPS of RMB 1.06, RMB 1.35, and RMB 1.62 for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 19.0, 15.0, and 12.4 [3][6] Market Position and Strategy - The company is positioned as a leading manufacturer of electronic assembly equipment in China, benefiting from the recovery of the consumer electronics sector and actively pursuing opportunities in the new energy vehicle and semiconductor markets [2][3] - The report highlights the company's successful development of AOI multi-dimensional inspection equipment, marking a significant technological advancement and establishing it as a key supplier for major clients [2][3]