MAYAIR(688376) 广发证券·2024-10-17 01:36Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 41.92 RMB per share, indicating a potential upside from the current price of 38.62 RMB [2][3]. Core Insights - The company is a leading domestic player in semiconductor cleanroom equipment and consumables, with brand reputation and product performance comparable to global leaders. The acceleration of semiconductor localization, expansion into other sectors like pharmaceuticals, increased consumable ratios, and accelerated overseas exports are expected to drive high growth in the company's performance [1][2]. - The acquisition of "Jiexinlong" is aimed at creating a comprehensive cleanroom solution, enhancing the company's technical strength and integration capabilities in the cleanroom equipment sector [2]. Financial Summary - Revenue projections for 2024-2026 are 2.189 billion, 2.760 billion, and 3.155 billion RMB, respectively, with growth rates of 45.4%, 26.1%, and 14.3% [1][5]. - The forecasted net profit for the same period is 245 million, 312 million, and 391 million RMB, reflecting growth rates of 41.4%, 27.4%, and 25.4% [1][5]. - The company's earnings per share (EPS) are expected to increase from 1.82 RMB in 2024 to 2.91 RMB in 2026, with corresponding price-to-earnings (P/E) ratios decreasing from 21.19 to 13.26 [1][5]. - The return on equity (ROE) is projected to rise from 13.0% in 2024 to 15.2% in 2026, indicating improving profitability [1][5].