QUICK CO.,(603203) 东海证券·2024-11-13 23:42Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 680 million yuan in the first three quarters of 2024, representing a year-on-year increase of 15.1%, and a net profit attributable to shareholders of 160 million yuan, up 4.3% year-on-year. In Q3 2024, revenue was 230 million yuan, a 22.0% increase year-on-year, while net profit was 40 million yuan, down 7.3% year-on-year. The performance was slightly volatile due to longer acceptance cycles for some customized equipment and increased R&D and financial expenses [7] - The traditional consumer electronics sector remains robust, while the semiconductor business is expected to ramp up. The global smartphone sales have increased, with leading brands launching multiple AI products. This has driven demand for precision welding and other equipment, with strong orders from major clients and global EMS manufacturers. The company is actively advancing its AOI projects and has successfully developed multi-dimensional inspection equipment [7][9] - The company reported a Q3 gross margin of 46.2%, with slight declines both quarter-on-quarter and year-on-year. Sales expenses decreased by 0.7% year-on-year, while management and R&D expenses increased by 2.6% and 4.6%, respectively. Financial expenses rose significantly due to reduced interest income from financial investments [8] - The company's asset-liability ratio is healthy at 27.7%, with cash and cash equivalents accounting for 7.9% of total assets. The cash flow from sales of goods and services accounted for 101.4% of revenue in the first three quarters of 2024 [8] - The company is actively building new growth curves in the smart manufacturing equipment sector, having become a qualified supplier for Bosch automation equipment and collaborating with companies like Faurecia and Innocean. The semiconductor packaging equipment segment is expected to see growth with the introduction of IGBT and SiC module packaging solutions [9] - The company has adjusted its net profit forecast for 2024-2026, expecting net profits of 223 million, 291 million, and 367 million yuan, respectively, with corresponding EPS of 0.90, 1.17, and 1.47 yuan, leading to PE ratios of 27X, 21X, and 17X [9][10]