GenTech(688596) 天风证券·2024-12-12 01:31Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 37.51 yuan [5][6] Core Views - The company plans to acquire 30% of Hongge Semiconductor for 336 million yuan, increasing its direct stake from 60% to 90.5032% [1] - Hongge Semiconductor's net profit for January-November 2024 was 91.0859 million yuan, a year-on-year increase of 35.19% [1] - The company's valuation is 1.1004526 billion yuan, with a P/E ratio of approximately 12x [1] - The acquisition is based on the high recognition of Hongge Semiconductor's value and future development prospects, aligning with the company's overall development strategy [1] - The company has launched a second employee stock ownership plan, involving 6,104,603 shares, accounting for 2.11% of the total shares [2] - The company plans to issue convertible bonds to raise up to 1.04 billion yuan, with funds allocated to various projects including electronic materials and gas production [3] Financial Data and Valuation - Revenue is expected to grow from 2.70474 billion yuan in 2022 to 8.93544 billion yuan in 2026, with a CAGR of 47.26% [4] - Net profit attributable to the parent company is projected to increase from 258.68 million yuan in 2022 to 949.51 million yuan in 2026 [4] - The P/E ratio is expected to decrease from 41.93x in 2022 to 11.42x in 2026 [4] - The company's EBITDA is forecasted to grow from 494.98 million yuan in 2022 to 1.0715 billion yuan in 2026 [4] Industry and Market Position - The company operates in the machinery equipment/special equipment industry [5] - Hongge Semiconductor is engaged in the semiconductor equipment module and subsystem business, with high technical barriers and low domestic market penetration [1] - The company's projects are expected to enhance its market share and profitability, particularly in the electronic specialty gas sector [3] Employee Incentives - The employee stock ownership plan includes 70 participants, with a purchase price of 19.50 yuan per share [2] - The plan has a three-tier unlocking mechanism, with 40%, 35%, and 25% of shares unlocked after 12, 24, and 36 months, respectively [2] Capital Structure and Projects - The company plans to use 350 million yuan for the Tongling Zhengfan Phase II project, 400 million yuan for the Zhengfan Lishui special gas production project, and 117 million yuan for the Zhengfan Baitai biomedical equipment and materials R&D base [3] - The projects aim to strengthen the company's production capacity and provide high-purity gas services to high-end customers in the electronics and semiconductor industries [3]