Wuhan Jingce Electronic (300567) Huaan Securities·2024-09-26 11:00Investment Rating - The report assigns an "Accumulate" rating for the company [1]. Core Views - The company is a leading enterprise in detection equipment, achieving multi-field layout [1]. - The company focuses on the research, production, and sales of detection systems for displays, semiconductors, and new energy [1]. - The semiconductor detection equipment market in China is expected to grow significantly, with a compound annual growth rate (CAGR) of 29.3% from 2016 to 2023 [1]. Summary by Sections 1. Company Overview - The company specializes in the research and production of detection systems for flat panel displays, semiconductors, and new energy, with a strong focus on optical, signal, and electrical performance detection technologies [9]. - Since 2017, the company has expanded into the semiconductor and new energy detection fields, achieving breakthroughs in related equipment and technologies [9]. 2. Semiconductor Detection Equipment - The company has made significant advancements in semiconductor detection equipment, covering both front-end and back-end testing devices [1]. - The demand for semiconductor measurement equipment is expected to increase significantly as chip integration levels rise [1]. 3. Display Detection Advantages - The company has a strong advantage in display detection, with a product layout that continues to expand [1]. - The domestic display detection equipment market is projected to grow from 5.9 billion yuan in 2021 to 9.2 billion yuan in 2024, with a CAGR of 16% [1]. 4. New Energy Sector - The company is actively expanding its business in the new energy sector, focusing on key strategic customers and international market development [3]. - The company has made substantial progress in overseas customer expansion in the new energy field [3]. 5. Financial Forecast and Valuation - The company is projected to achieve revenues of 2.798 billion yuan, 3.382 billion yuan, and 3.836 billion yuan for the years 2024, 2025, and 2026, respectively [4]. - The estimated diluted EPS for 2024, 2025, and 2026 is 0.89 yuan, 1.30 yuan, and 1.57 yuan, respectively [4]. - The current stock price corresponds to PE multiples of 56, 38, and 32 for the years 2024, 2025, and 2026 [4].