GenTech(688596) 东吴证券·2025-05-04 09:28Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The company has shown steady performance improvement, with significant growth in non-equipment business segments. In 2024, the company achieved revenue of 5.469 billion yuan, a year-on-year increase of 42.63%. The high-end electronic process equipment revenue was 3.449 billion yuan, up 39.44% year-on-year, accounting for 63.06% of total revenue [8] - The company’s net profit attributable to shareholders reached 527.75 million yuan in 2024, reflecting a year-on-year growth of 31.50% [8] - The report highlights the growth potential of the OPEX business, particularly in the areas of process media supply systems, GasBox, and MRO services [8] Financial Summary - Revenue projections for the company are as follows: 2023A: 3.835 billion yuan, 2024A: 5.469 billion yuan, 2025E: 6.622 billion yuan, 2026E: 7.939 billion yuan, and 2027E: 9.599 billion yuan, with respective year-on-year growth rates of 41.78%, 42.63%, 21.08%, 19.89%, and 20.90% [1] - The net profit attributable to shareholders is projected to be 401.34 million yuan in 2023A, 527.75 million yuan in 2024A, 727.12 million yuan in 2025E, 958.29 million yuan in 2026E, and 1.27463 billion yuan in 2027E, with year-on-year growth rates of 55.10%, 31.50%, 37.78%, 31.79%, and 33.01% respectively [1] - The report indicates that the company’s gross margin for 2024 is expected to be 26.02%, slightly down by 1.09 percentage points year-on-year [8] Business Growth Potential - The company is positioned as a leader in the domestic process media supply systems market, capable of competing with international suppliers. It serves major clients in the semiconductor industry [8] - The GasBox product line has gained traction, with the company supplying to leading semiconductor equipment manufacturers in China [8] - The MRO business is rapidly expanding, with 14 service points established to enhance customer service [8]