新股覆盖研究：先锋精科

Investment Rating - The investment rating for the company is "Buy," indicating that it is expected to outperform the market index by more than 15% over the next 6-12 months [62]. Core Viewpoints - The company, Xianfeng Jingke (688605.SH), is a key manufacturer of critical components in the domestic semiconductor etching and thin film deposition equipment sector, focusing on etching and deposition equipment [14][25]. - The company has established long-term strategic partnerships with leading domestic semiconductor equipment manufacturers, positioning itself favorably in the market [14][47]. - The company has shown significant revenue growth, with a projected revenue increase of 79.30% to 97.23% in 2024, alongside a substantial rise in net profit [55]. Summary by Sections Basic Financial Status - The company achieved revenues of 4.24 billion, 4.70 billion, and 5.58 billion yuan in 2021, 2022, and 2023, respectively, with year-over-year growth rates of 110.20%, 10.87%, and 18.73% [15]. - The net profit attributable to the parent company was 1.05 billion, 1.05 billion, and 0.80 billion yuan for the same years, with year-over-year changes of 373.57%, -0.38%, and -23.39% [15]. - For the first nine months of 2024, the company reported revenues of 8.69 billion yuan, a year-over-year increase of 133.12%, and a net profit of 1.75 billion yuan, up 249.03% [15]. Industry Situation - The domestic semiconductor equipment industry is experiencing rapid growth, driven by the fast development of downstream sectors. In 2022, the sales of semiconductor equipment in mainland China reached 28.3 billion USD, accounting for 26.30% of the global market [26]. - The market for etching equipment in 2023 is estimated at 7.6 billion USD, representing 20.77% of the total semiconductor equipment market, while thin film deposition equipment is projected at 8 billion USD, or 21.86% [28]. Company Highlights - The company is one of the few domestic manufacturers capable of mass-producing critical components for etching equipment at 7nm and below, with its products accounting for over 40% of total revenue [47]. - The company is expanding into the photovoltaic and medical equipment sectors, leveraging its existing technology and production capabilities [48]. Investment Projects - The company plans to invest in three projects through its IPO proceeds, including the expansion of a precision assembly base, a production and assembly base for equipment modules, and a precision manufacturing technology research center [53][54]. Comparison with Peers - In 2023, the company reported revenues of 5.58 billion yuan, with a year-over-year growth of 18.73%, and a net profit of 0.80 billion yuan, down 23.39% [55]. - Compared to peer companies, the average revenue for comparable companies was 12.73 billion yuan, with an average gross margin of 32.49%, indicating that the company is currently below industry averages in both revenue and profitability metrics [58].