QUICK CO.,(SH:603203) China Post Securities·2025-05-13 09:49Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company has demonstrated steady growth, with 2024 revenue reaching 945 million yuan, a year-on-year increase of 19%. The net profit attributable to shareholders was 212 million yuan, up 11% year-on-year [4]. - The semiconductor equipment sector shows significant potential for technological breakthroughs, which could drive future growth [4]. - The company has established strong collaborations with major clients, enhancing its market position in precision welding and inspection equipment [5][6]. Company Overview - Latest closing price: 24.02 yuan - Total shares: 249 million, with a market capitalization of 6 billion yuan [3]. - The company has a debt-to-asset ratio of 28.7% and a price-to-earnings ratio of 28.26 [3]. Financial Performance - In 2024, the company achieved a revenue of 945 million yuan, with a projected revenue growth of 12.31% in 2025, reaching 1.061 billion yuan [9]. - The net profit attributable to shareholders is expected to grow to 259 million yuan in 2025, reflecting a year-on-year increase of 22.10% [9]. - The earnings per share (EPS) is projected to be 1.04 yuan in 2025, with a corresponding price-to-earnings ratio of 23.10 [9]. Business Segments - Precision welding equipment revenue reached 698 million yuan in 2024, a 32% increase year-on-year, benefiting from the structural recovery in consumer electronics [5]. - Machine vision equipment revenue grew by 37% year-on-year to 137 million yuan, with a gross margin of 49.75% [5]. - The company is also focusing on silicon carbide and packaging equipment, which are expected to become significant growth drivers in the future [6].