QUICK CO.,(SH:603203) Donghai Securities·2025-04-29 07:13Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4]. Core Views - The company achieved a revenue of 945.09 million yuan in 2024, representing a year-on-year increase of 19.24%, and a net profit attributable to shareholders of 212.20 million yuan, up 11.10% year-on-year. The performance is in line with expectations [4][5]. - The company plans to distribute a cash dividend of 6.5 yuan per 10 shares (including tax) to shareholders [4]. - In Q1 2025, the company reported a revenue of 250 million yuan, a year-on-year increase of 11.16%, and a net profit of 66.36 million yuan, up 10.95% year-on-year [4]. Summary by Sections Business Performance - The company benefited from the recovery in consumer electronics in 2024, with a robust performance supported by its "welding and inspection" capabilities. The company is advancing new business lines, particularly in precision welding and automation solutions for smart devices [4]. - The revenue from precision welding equipment and machine vision process equipment grew by 32.25% and 37.00% year-on-year, respectively [4]. International Strategy - The company's international strategy is showing results, with export revenue increasing by 29.06% year-on-year, accounting for 18.21% of total revenue. The company is enhancing its overseas sales and service capabilities, establishing a subsidiary in Vietnam to provide comprehensive services [4]. Profitability and Cash Flow - The company’s gross margin improved by 1.27 percentage points to 48.65% in 2024, driven by a higher proportion of export business. The R&D expense ratio increased to 14.05%, supporting new technology development [4]. - In Q1 2025, the company reported a sales gross margin of 49.40% and a net profit margin of 26.21%, maintaining a stable performance [4]. Semiconductor Sector Development - The company is making progress in its semiconductor segment, with revenue from die bonding equipment increasing by 9.04% to 26.11 million yuan. The company is developing solutions for power semiconductors and SiC modules, with key technology recognized by the Jiangsu Provincial Department of Industry and Information Technology [4]. Investment Recommendations - The company has a strong position in precision welding technology and is expected to see steady growth in visual inspection and semiconductor packaging equipment. The profit forecasts for 2025-2027 have been adjusted, with net profits projected at 246 million yuan, 299 million yuan, and 367 million yuan, respectively [4][5].