燕麦科技：果链FPC测试设备龙头，AI iPhone浪潮助力业绩高增

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage with a market price of 20.36 yuan [1]. Core Insights - The company is a leading player in FPC testing equipment, entering a new phase of rapid development, driven by the AI iPhone wave, which is expected to significantly boost performance [2][6]. - The company has a strong operational quality and profitability, with a projected revenue growth of 30% in 2024 and a net profit increase of 9% [1][2]. - The company is actively expanding into new business areas, including semiconductor testing and automotive electronics, which opens up long-term growth opportunities [1][2][6]. Summary by Sections 1. FPC Testing Equipment Leader - The company is recognized as a global leader in FPC testing equipment, primarily serving the Apple supply chain, with a revenue of 263 million yuan in 2023 [1][6]. - The company has a solid client base, including major global FPC companies, and has expanded its international business to several countries [6][11]. 2. AI iPhone Impact - The upcoming AI iPhone is expected to create a new cycle in the consumer electronics market, benefiting equipment manufacturers significantly [2][6]. - The company is positioned as a core supplier for leading FPC enterprises, leveraging its strong technical foundation [2][6]. 3. MEMS Sensor Testing Equipment - The MEMS sensor market is projected to grow rapidly, with the company actively developing testing equipment for MEMS sensors, which has received recognition from domestic leaders [2][6]. - The company is one of the few in China capable of mass production in this field, highlighting its competitive edge [2][6]. 4. Profit Forecast - Revenue forecasts for 2024, 2025, and 2026 are 425 million yuan, 590 million yuan, and 698 million yuan respectively, with net profits expected to be 75 million yuan, 150 million yuan, and 172 million yuan [1][2]. - The company's PE ratios for the next three years are projected to be 39, 20, and 17, indicating strong growth potential compared to peers [2][6]. 5. Shareholding Structure - The company's shareholding is concentrated, with the founders holding nearly 50% of the shares, which reflects confidence in long-term development [2][24]. - The company has implemented stock incentive plans to enhance employee motivation and align interests with long-term growth [2][24].