晶盛机电（300316）：子公司晶鸿精密主营零部件，高加工精度、高端产品定位

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the semiconductor equipment component business of the company is expected to accelerate as the domestic semiconductor equipment market expands. However, it also notes the differences in the business cycle across various segments [8][14] - The company has imported approximately 200 high-end machines from Europe and Japan, valued at nearly 1 billion RMB, which enhances its capability to produce high-precision and large-sized components [10][12] Financial Forecasts - Total revenue is projected to be 17,983 million RMB in 2023, with a year-on-year growth of 69.04%. However, a decline of 2.26% is expected in 2024, followed by a significant drop of 23.84% in 2025 [1] - The net profit attributable to the parent company is forecasted to be 4,558 million RMB in 2023, with a year-on-year increase of 55.85%. A decrease of 44.93% is anticipated in 2024, with subsequent years showing gradual recovery [1] - The earnings per share (EPS) is expected to be 3.48 RMB in 2023, dropping to 1.92 RMB in 2024, and then gradually increasing to 2.03 RMB by 2027 [1] Market Data - The closing price of the company's stock is 28.45 RMB, with a market capitalization of approximately 37,256.24 million RMB [6] - The company has a price-to-earnings (P/E) ratio of 8.17 based on the current price and latest diluted EPS [1][6] Product and Service Offering - The company provides a range of products including semiconductor equipment vacuum chambers, high-precision components, planetary gears, ceramic discs, and spindles. It also offers ODM services encompassing design, production, assembly, and testing [10][12]