Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage of its kind [1]. Core Viewpoints - The quartz crystal oscillator industry has significant growth potential, driven by increasing demand from downstream sectors [3][4]. - The company is a leading player in the quartz crystal component industry, focusing on the design, research and development, production, and sales of quartz oscillators and packaging materials [2][12]. - The company has successfully turned around its performance, with a notable increase in revenue and profitability in the first half of 2024 [21][28]. Summary by Sections 1. Company Overview - The company has been deeply engaged in the quartz crystal component industry for nearly 20 years, with a strong reputation for product quality [12]. - As of mid-2024, the company holds 55 patents, including 13 invention patents, and has achieved various quality management certifications [12][53]. 2. Industry Potential - The quartz crystal oscillator market is expected to expand significantly, with projections indicating a potential market size of 161.57 billion yuan by 2027 [9][40]. - The demand for quartz oscillators is anticipated to grow steadily due to the proliferation of applications in consumer electronics, smart devices, and automotive electronics [40][46]. 3. R&D and Market Expansion - The company emphasizes innovation and product quality, with ongoing development of high-end products such as temperature-compensated oscillators and real-time clock oscillators [51][52]. - The company is actively expanding its market presence, both domestically and internationally, with a focus on enhancing product market share and optimizing manufacturing processes [54][55]. 4. Financial Forecast and Valuation - Revenue forecasts for the company are projected to reach 573.31 million yuan in 2024, with a net profit of 15.42 million yuan [1][9]. - The company's P/E ratios for 2024-2026 are estimated at 154.76, 111.29, and 77.79 respectively, indicating a relatively high valuation compared to peers [1][9].
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