Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance [2]. Core Insights - The company specializes in vacuum coating equipment and has expanded its product applications over the years, serving various industries including consumer electronics, automotive, and optical components [4]. - The company has established itself as a supplier for major clients such as Foxconn and Apple, contributing to its revenue growth and market presence [4]. - The domestic market for vacuum coating equipment is expected to grow significantly, with a projected compound annual growth rate (CAGR) of 7.0% from 2018 to 2025 [5]. - The company reported a revenue of 431 million yuan in the first three quarters of 2024, reflecting a year-on-year increase of 10.99%, and a net profit of 64 million yuan, up 22.31% year-on-year [4]. Financial Performance - The company is projected to achieve revenues of 571 million yuan, 715 million yuan, and 896 million yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 76 million yuan, 120 million yuan, and 180 million yuan [8][10]. - The price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are estimated to be 126, 79, and 53 respectively, indicating a potential for growth in earnings [8][10]. - The company's revenue growth rates are expected to be 9.31% in 2024, 25.34% in 2025, and 25.25% in 2026 [10].
汇成真空（301392）：真空镀膜设备专精特新小巨人，助力高端产品国产替代