Wuhan Jingce Electronic (SZ:300567) SINOLINK SECURITIES·2024-09-20 00:07Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][11]. Core Views - The company has successfully delivered and accepted its 7nm advanced process products, with more advanced products currently under verification. The proportion of advanced process products in the company's overall revenue and orders is steadily increasing, which will be a significant support for future performance [3][4]. - The company has received a 1.7 billion RMB order for 14nm advanced process defect detection equipment, which is scheduled for delivery this month. This order is expected to open up growth opportunities for the company [4][5]. - The semiconductor equipment market is experiencing a recovery, with the company having a substantial order backlog of approximately 1.767 billion RMB in the semiconductor sector. The demand for domestic alternatives in the supply chain and rapid development in downstream industries such as AI are expected to drive long-term growth for the company's semiconductor business [4][5]. Summary by Relevant Sections Business Overview - The company is a leading domestic semiconductor measurement and detection equipment provider, achieving significant breakthroughs in advanced process fields. The main products have filled the gap in domestic advanced process measurement and detection equipment [5]. - The company has invested 134 million RMB in R&D, with its front-end measurement products recognized by several leading domestic clients. The main products have completed the delivery and acceptance of 7nm advanced processes and are currently being validated for more advanced processes [5]. Financial Forecasts - The company is projected to achieve revenues of 2.984 billion RMB, 3.930 billion RMB, and 4.954 billion RMB for the years 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 22.81%, 31.72%, and 26.06% [4][7]. - The net profit attributable to the parent company is expected to be 255 million RMB, 386 million RMB, and 559 million RMB for the years 2024, 2025, and 2026, with corresponding growth rates of 70.10%, 51.33%, and 44.78% [4][7]. - The current price corresponds to a PE valuation of 56.76, 37.51, and 25.91 times for the years 2024, 2025, and 2026, respectively [4][7].