Zhejiang Jingsheng Mechanical & Electrical (300316) 东吴证券·2025-04-23 14:23Investment 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 varying degrees of market conditions across different segments of the company [8][14] - The company has imported approximately 200 high-end machines from Europe and Japan, valued at nearly 1 billion yuan, to enhance its precision processing capabilities [10][12] Financial Forecasts - Total revenue is projected to be 17,983 million yuan 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, before recovering slightly in the subsequent years [1][16] - The net profit attributable to the parent company is forecasted to be 4,558 million yuan in 2023, with a year-on-year increase of 55.85%. A substantial decrease of 44.93% is anticipated in 2024, with gradual recovery in the following years [1][16] - The report estimates that the net profit for 2025, 2026, and 2027 will be 2,017 million yuan, 2,219 million yuan, and 2,658 million yuan respectively, corresponding to price-to-earnings ratios of 18, 17, and 14 times [1][14] Market Data - The closing price of the company's stock is 28.45 yuan, with a market capitalization of approximately 37,256.24 million yuan [6] - The company has a price-to-book ratio of 2.24 and a total share capital of 1,309.53 million shares [6][7] Product and Service Offering - The company provides a range of products including vacuum chambers for semiconductor equipment, high-precision components, planetary gears, ceramic discs, and spindles. It also offers ODM services encompassing design, production, assembly, and testing [10][12]