QUICK CO.,(603203) 华安证券·2024-09-02 16:07Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in H1 2024 met expectations, driven by growth in AOI full inspection and die bonding equipment [1] - The company reported a revenue of 451 million yuan for H1 2024, an increase of 11.89% year-on-year, and a net profit attributable to shareholders of 119 million yuan, up 9.42% year-on-year [1] - The gross margin was 49.39%, a decrease of 1.69 percentage points year-on-year, while the net profit margin was 26.36%, down 0.59 percentage points year-on-year [1] Financial Performance Summary - For Q2 2024, the company achieved a 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 revenue for H1 2024 from precision electronic assembly was 338 million yuan, reflecting a year-on-year growth of 22.59% [1] - The company has successfully developed AOI multi-dimensional inspection equipment and completed the development of 3DSPI detection equipment, enhancing its product offerings in machine vision [1] Revenue and Profit Forecast - The company is projected to achieve revenues of 1,038 million yuan in 2024, 1,263 million yuan in 2025, and 1,471 million yuan in 2026, with year-on-year growth rates of 31.0%, 21.7%, and 16.5% respectively [2] - The net profit attributable to shareholders is expected to be 283 million yuan in 2024, 340 million yuan in 2025, and 405 million yuan in 2026, with corresponding growth rates of 48.4%, 20.1%, and 18.9% [2] - The gross margin is forecasted to improve to 50.7% in 2024 and stabilize around 50.8% by 2026 [2] Valuation Metrics - The projected P/E ratios for 2024, 2025, and 2026 are 18, 15, and 12 respectively, indicating a favorable valuation outlook as the company continues to grow [2] - The projected EPS for 2024, 2025, and 2026 are 1.1 yuan, 1.4 yuan, and 1.6 yuan respectively [2]