QUICK CO.,(603203) 财通证券·2024-09-27 08:23Investment Rating - The report assigns an "Accumulate" rating for the company [1][3]. Core Views - The company is a leading domestic provider of electronic soldering equipment, having evolved from a single product line supplier to a comprehensive solution provider focusing on semiconductor, new energy, and consumer electronics sectors [2][9]. - The AI technology is accelerating the recovery of the 3C industry, with the company's core business expected to improve as AI smartphones are gradually launched [2][3]. - The trend of SiC adoption is clear, with the company poised to benefit from the growth in the SiC power semiconductor market, projected to reach approximately 8.01 billion USD (about 560 billion RMB) by 2028 [2][3]. - The company has established a diverse customer base, including major players like Apple and CATL, and is expanding its international presence with subsidiaries and service centers in various countries [2][3]. Summary by Sections Company Overview - The company has over 20 years of experience in the electronic soldering equipment industry and has developed a strong foothold in the market [9][10]. - The ownership structure is concentrated, with the controlling shareholders having a solid management and technical background, which supports long-term operations [10]. Business Development - The company is diversifying its business to mitigate the impact of the consumer electronics sector, with a clear strategic plan despite short-term performance pressures [10][11]. - Revenue growth from 2019 to 2023 shows a compound annual growth rate (CAGR) of 14.52%, while net profit has a CAGR of 2.36% [10][11]. Financial Projections - Revenue projections for 2024-2026 are estimated at 1.047 billion, 1.312 billion, and 1.535 billion RMB, with corresponding net profits of 267 million, 341 million, and 420 million RMB [3][12]. - The company’s PE ratios for the same period are projected to be 18.13, 14.19, and 11.52 times [3][12]. Market Trends - The global AI smartphone penetration is expected to reach 43% by 2027, with significant growth in the demand for high-precision soldering equipment due to increased hardware requirements [2][3]. - The company is well-positioned to benefit from the growing market for automatic dispensing machines, projected to reach 1.168 billion USD by 2030 [23]. Competitive Landscape - The electronic assembly equipment industry in China has a pyramid-shaped competitive structure, with high-end markets dominated by foreign companies, while domestic players are making significant inroads [19][20]. - The company has established itself as a key player in the high-end market, leveraging its core soldering technology to compete effectively [19][20].