Hwatsing Technology (SH:688120) KAIYUAN SECURITIES·2025-04-30 08:30Investment Rating - The investment rating for Huahai Qingke is maintained as "Buy" [1][3] Core Views - The company achieved a revenue of 3.41 billion yuan in 2024, representing a year-on-year increase of 35.82%, and a net profit of 1.02 billion yuan, up 41.40% year-on-year. The gross margin was 43.2%, down 2.8 percentage points [3][4] - For Q1 2025, the company reported a revenue of 910 million yuan, a year-on-year increase of 34.14%, and a net profit of 230 million yuan, up 15.47% year-on-year, with a gross margin of 46.37%, down 1.6 percentage points [3][4] - The company is expected to continue its growth trajectory, with projected revenues of 4.73 billion yuan, 6.18 billion yuan, and 7.36 billion yuan for 2025, 2026, and 2027 respectively, and net profits of 1.41 billion yuan, 1.73 billion yuan, and 1.99 billion yuan for the same years [3][4] Financial Summary - In 2023, the company reported a revenue of 2.51 billion yuan, with a year-on-year growth of 52.1%, and a net profit of 724 million yuan, up 44.3% year-on-year [6][8] - The projected financial metrics for 2025 include a revenue of 4.73 billion yuan, a net profit of 1.41 billion yuan, and a gross margin of 47% [6][8] - The P/E ratios for 2025, 2026, and 2027 are projected to be 28.3, 23.0, and 20.0 respectively [6][8] Market Position and Product Development - The company is enhancing its market share in CMP (Chemical Mechanical Planarization) products, with significant orders for new technologies and products, including the Universal-H300 CMP machine and specialized CMP equipment for third-generation semiconductor clients [4][3] - The company is also expanding its product offerings through horizontal expansion into thinning equipment, cutting equipment, and other advanced technologies, which are expected to drive future growth [4][3]