QUICK CO.,(603203) 国元证券·2024-12-25 07:42Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its stock performance [14]. Core Viewpoints - The company specializes in precision welding equipment and is actively expanding into semiconductor packaging and new energy sectors, aiming to provide intelligent equipment solutions for the semiconductor packaging and testing fields [6][20]. - The recovery in consumer electronics is expected to drive continued growth in the precision welding equipment business, with smartphone shipments projected to reach 1.17 billion units in 2024, a 4% year-on-year increase [42]. - The new energy market is anticipated to grow, with electric vehicle sales expected to reach 18 million units by 2025, benefiting the company as it capitalizes on this trend [10][22]. - The semiconductor packaging sector presents a new growth opportunity, with the Chinese packaging and testing market projected to reach 324.84 billion yuan by 2026, positioning the company as a leader in domestic alternatives [23]. - The company has demonstrated stable revenue and net profit growth, with a 15.13% year-on-year increase in revenue to 683 million yuan in Q1-Q3 2024, and a 4.33% increase in net profit to 163 million yuan [24][52]. Summary by Sections Business Overview - The company is a professional supplier of intelligent equipment and complete solutions, focusing on precision electronic assembly and semiconductor packaging [20][21]. - It has developed key technologies in motion control, software systems, visual algorithms, and precision modules, resulting in a diverse product portfolio [20]. Financial Performance - Revenue for 2024 is projected to be 997.23 million yuan, with a year-on-year growth of 25.82%, and net profit expected to reach 253.6 million yuan, reflecting a 32.78% increase [12][52]. - The company has maintained a good control over its operating expenses, with a sales/management/R&D/financial expense ratio of 7.88%/4.38%/13.34%/-0.11% in Q1-Q3 2024 [24][47]. Profit Forecast and Investment Recommendations - The company is expected to achieve revenues of 997 million yuan, 1.22 billion yuan, and 1.44 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 254 million yuan, 313 million yuan, and 376 million yuan [52]. - The report anticipates an EPS of 1.02 yuan, 1.26 yuan, and 1.51 yuan for the same years, with PE ratios of 25, 20, and 17 times respectively [52].