Investment Rating - The investment rating for the company is "Buy" with a target price of 71.56 yuan as of December 12, 2024 [2]. Core Insights - The semiconductor market is entering an upward cycle, and the ongoing domestic production process is expected to significantly boost the company's revenue and performance in the first three quarters of 2024, with a projected revenue of 869 million yuan, representing a year-on-year increase of 133.12%, and a net profit of 175 million yuan, up 249.03% [9][10]. - The company specializes in precision manufacturing of key components for semiconductor etching and thin film deposition equipment, which are critical for the semiconductor manufacturing process [9][10]. - The company is one of the few domestic suppliers capable of mass-producing key components for etching equipment used in 7nm and below processes, directly competing with international manufacturers [9][10][25]. Financial Performance - The company expects to achieve revenue between 1 billion to 1.1 billion yuan in 2024, reflecting a year-on-year growth of 79.30% to 97.23%, with a net profit forecast of 205 million to 215 million yuan, indicating a growth of 156.94% to 169.47% [9][10]. - The revenue from etching and thin film deposition equipment accounted for approximately 80% of total revenue, with significant contributions from core products such as reaction chambers and gas distribution plates [10][11]. - The domestic market for precision metal components in semiconductor equipment is estimated to be around 16.01 billion yuan, with the company holding a market share of over 15% in the etching equipment segment [11][13]. Revenue Projections - Revenue projections for the company from 2024 to 2026 are as follows: 1.048 billion yuan in 2024, 1.346 billion yuan in 2025, and 1.578 billion yuan in 2026, with growth rates of 88.0%, 28.4%, and 17.3% respectively [15][19]. - The expected net profit for the same period is projected to be 219 million yuan in 2024, 254 million yuan in 2025, and 321 million yuan in 2026, with growth rates of 173.0%, 15.7%, and 26.7% respectively [15][19]. Market Position - The company is positioned as a key player in the domestic semiconductor equipment market, focusing on critical components for etching and thin film deposition, which are essential for advanced semiconductor manufacturing processes [24][25]. - The company has established long-term strategic partnerships with leading firms in the industry, enhancing its competitive edge and market presence [25].
先锋精科：刻蚀/薄膜沉积零部件专家，将持续受益设备国产化
华金证券·2024-12-12 23:35