QUICK CO.,(603203) 国泰君安·2024-10-31 23:39Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's performance slightly underperformed expectations, with a revenue of 683 million yuan (+15.13%) and a net profit of 163 million yuan (+4.33%) for Q1-Q3 2024. The Q3 revenue was 232 million yuan (+22%), but net profit decreased by 7.31% to 44 million yuan [4][3] - The target price has been raised to 31.51 yuan from the previous 27.50 yuan, based on a 2025 PE of 23 times [4][5] - The company is actively expanding its precision welding business into the automotive market and has entered the Bosch supply chain, which is expected to drive significant growth in its automotive smart manufacturing segment [4][3] - The company has successfully developed AOI detection equipment, expanding its capabilities beyond solder joint detection into PCB, FPC, and chip detection, which opens up new growth opportunities [4][3] Financial Summary - For Q1-Q3 2024, the gross margin was 48.31%, and the net margin was 23.59%, showing a year-on-year decrease of 2.45 percentage points and 0.54 percentage points, respectively [4] - R&D expense ratio remains high at 13.34% [4] - The company reported a contract liability of 65 million yuan at the end of Q3 2024, a 25% increase from the previous quarter [4] Market Position - The company has become a qualified supplier for Bosch's automotive electronic automation equipment, which is expected to enhance its market position in the automotive sector [4] - The precision welding segment achieved a revenue of 338 million yuan (+22.59%) in the first half of 2024, with strong orders from major clients [4]