盛剑科技：半导体扩产起势，盛剑乘势而上

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of RMB 40.07 [2][6][192]. Core Insights - The semiconductor waste gas treatment market is expected to grow at a double-digit rate due to downstream expansion. The company has secured a significant increase in new orders, particularly in the integrated circuit sector, which saw a 109% year-on-year growth [5][6][148]. - The company is expanding its business into semiconductor auxiliary equipment and electronic chemicals, enhancing its growth potential [5][6][181]. - The report forecasts the company's net profit to reach RMB 1.9 billion, RMB 2.7 billion, and RMB 3.1 billion for the years 2024 to 2026, respectively [6][191]. Summary by Sections Company Overview - The company specializes in providing comprehensive solutions for semiconductor process waste gas treatment and has established long-term partnerships with leading firms in the industry [73][75]. Financial Performance - Revenue for 2023 was RMB 1.826 billion, with a growth rate of 37.5%. The net profit for the same year was RMB 165 million, reflecting a year-on-year increase of 26.96% [4][80]. - The company’s gross margin has remained stable around 27%, with a slight increase to 29.11% in the first three quarters of 2024 [87][91]. Market Outlook - The global semiconductor sales are projected to reach USD 687.4 billion by 2025, driven by advancements in AI technology and increased demand for memory and logic chips [101][102]. - The report anticipates that the domestic semiconductor waste gas treatment market will grow to USD 4.96 billion by 2026 [138][183]. Profitability Forecast - The company is expected to maintain a stable gross margin of approximately 26.8% to 26.9% over the next few years, with specific segments like electronic chemicals showing potential for improvement [187][191]. Investment Recommendations - The report suggests that the company is well-positioned to benefit from the upward trend in semiconductor capital expenditures, thus supporting its growth trajectory [6][192].